In a desire to speed up the de-dollarization process, in the first quarter of the year, China sold US Treasury and agency bonds for a record amount of $53.3 billion in order to support the weakened yuan. In addition, Beijing is resorting to hedging, increasing its gold reserves, which now account for the largest share since 2015. China has sold bonds from its reserves in excess of last year's sales. From the beginning of 2021 to the middle of 2023, $300 billion worth of treasury bonds were sold. Sales have accelerated this year due to a lack of hope for improved relations with the United States. Last year, China already stopped purchasing U.S. debt securities to support the yuan, which has weakened significantly against the dollar. The dollar index has increased by 4.9% since the beginning of the year, which has made imports into the country more expensive. Growing protectionism in the United States is also putting pressure on the yuan, which further strengthens the dollar.
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