China buying gold against a background of global push to end US dollar dominance

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As many countries are turning away from the greenback, Beijing also has joined the global gold rush in an attempt to diversify its reserves away from the greenback.

Russia led the gold purchases as it seeks to reduce its reliance on the US dollar, followed by other like Turkey, Kazakhstan, India, Iraq, Poland, and Hungary.


China now stands in sixth place among the world’s largest holders of the gold behind US, Germany, France, Italy and Russia.

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