China just dumped US debt to $633.4B—lowest since Sept 2008. Down 13% YoY.
Meanwhile? 20 consecutive months of gold accumulation by PBOC.
This isn't a sudden decoupling, but the trend is undeniable: less Treasuries, more hard assets.
When your second-largest creditor rotates out of your paper and into gold, you don't ignore it. Macro implications for dollar liquidity and risk-off flows are massive.
Dedollarization isn't a meme anymore. It's balance sheet policy.
Meanwhile? 20 consecutive months of gold accumulation by PBOC.
This isn't a sudden decoupling, but the trend is undeniable: less Treasuries, more hard assets.
When your second-largest creditor rotates out of your paper and into gold, you don't ignore it. Macro implications for dollar liquidity and risk-off flows are massive.
Dedollarization isn't a meme anymore. It's balance sheet policy.
