China builds up gold reserves in shift away from dollar

Currency weakness and tensions with US spur moves to diversify

China, Russia and Turkey have been buying gold to replace U.S. Treasury bonds as they look to reduce their reliance on the dollar. © Reuters

ISSAKU HARADA and TOMOYO OGAWA, Nikkei staff writers

January 24, 2019 03:34 JST

BEIJING/MOSCOW -- China added gold to its foreign reserves last month for the first time in more than two years even as it continued paring its U.S. Treasury holdings, part of a broader trend toward reducing dependence on the dollar amid fraying ties with Washington.