China is diversifying its currency reserves out of the US Dollar: The share of US Treasury Holdings in total Chinese FX reserves has declined by ~15 percentage points since 2016, to ~22%, near the lowest in at least 15 years. Over the same period, gold's share has risen ~5 percentage points, to a record 6.8%. This trend accelerated in 2022, and since then, gold's share of Chinese reserves has doubled. Over this time, China has acquired ~200 tonnes of gold. Gold is more desired than ever.