You may be right, but I think China specifically has learned something from Russia.
Before invading Ukraine, Russia held assets across the world and they were frozen (some of it USD).
Now imagine you are a large holder of US treasuries, would you take some off the table and purchase this other asset (gold) that can ensure you're less susceptible to your enemies sanctions?
Before invading Ukraine, Russia held assets across the world and they were frozen (some of it USD).
Now imagine you are a large holder of US treasuries, would you take some off the table and purchase this other asset (gold) that can ensure you're less susceptible to your enemies sanctions?