#BTC
These two countries are both reducing their holdings of U.S. Treasuries and both increasing their gold holdings—the signal matters more than the numbers themselves.
Japan is doing it to stabilize its exchange rate, while China is doing it to reduce reliance on the U.S. dollar; the motivations differ, but the direction is the same.
When both of the two largest holders of U.S. Treasuries are adjusting their reserve structures, this is not an isolated event.
The global reserve system is gradually shifting; the pace may not be fast, but the direction is already clear.
These two countries are both reducing their holdings of U.S. Treasuries and both increasing their gold holdings—the signal matters more than the numbers themselves.
Japan is doing it to stabilize its exchange rate, while China is doing it to reduce reliance on the U.S. dollar; the motivations differ, but the direction is the same.
When both of the two largest holders of U.S. Treasuries are adjusting their reserve structures, this is not an isolated event.
The global reserve system is gradually shifting; the pace may not be fast, but the direction is already clear.
