Russia overtakes China in gold reserves race to end U.S. dollar dominance


From Russia Today, Moscow
Monday, February 26, 2018

The Central Bank of Russia boosted its holdings of gold by almost 20 metric tons last month, with reserves reaching 1,857 tons. It has increased its holdings every month since March 2015.

Russia is now among the top five gold holders after surpassing China, which reportedly holds 1,843 tons. Over the last 15 years Moscow and Beijing have been aggressively accumulating gold reserves to cut their dependence on the U.S. dollar.

"Interestingly, both Russia and China publicize and promote their accumulations of gold and publicly refer to gold as a strategic monetary asset. They make no secret of this. But on the flip side, the U.S. does the opposite, and constantly downplays the strategic role of gold," Singapore's Bullion Star precious metals expert Ronan Manly told RT in December. ...

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