https://www.nationandstate.com/2021/04/16/is-china-preparing-a-gold-backed-yuan-beijing-greenlights-purchases-of-billions-in-bullion/


Says buying to back the yuan. Lots of charts with lines, colors and numbers showing the nose dive of the dollar.

FXi!

More importantly is how much silver They have bought in the past 2 years.

China is a communist country, they will never ever replace the dollar.

TAG. I've been buying gold and silver too.

That and It must drive China mad that they can be sanctioned by our sleazy politicians. I can understand why they would want to move away from the dollar and I’m sure many countries will follow them but which country in their right mind would trust China.

IDK, I think the Chinese see money printer going brrrrr and they see that we're inflating away the huge debt we owe them.

Could be trying to replace all that gold they "lost"?

They see us destroying all the debt that they bought by causing inflation so they are hedging? Not their first attempt to undermine the dollar, especially the petro dollar. They moved a couple years ago to make a worldwide  currency...a basket of currencies....that would eventually replace the dollar for oil transacitons.

They don't need to destroy the Dollar, the current USA leadership is doing a fine job by themselves.

This is correct. The US government is doing a fantastic job destroying the dollar. Chine is buying up gold because at some point the US dollar (which is the worlds reserve currency) is going to collapse, or at least be inflated away to the point of worthlessness. At which point the currency of the nation with the most gold will be the most trusted. I think they are waiting patiently and when it happens the world will be shocked to find that China holds multiples times the gold that US and other European nations do.

The birth, rise, peak, fall, and collapse of a nation can take many hundreds of years. The US didnt really become a super power until after WWII, and only started to peak when the soviet union fell. Unfortunately easy times make a weak and unproductive population and our nation is crumbling from within. Within a few generations we will lose our super power status and most of our cities will looks like post soviet union eastern bloc nations, with high levels of poverty, crime, and crumbling infrastructure, something that can already be seen in urban areas and will continue to expand to rest of the nation in time.