That conversation is open — and central banks are taking action.

The share of Treasuries held by foreigners fell to 23% — the lowest level in 22 years.

In 9 years, almost 11 points less. 📉

Meanwhile, gold has gained ground: it now accounts for almost 18% of global reserves — the highest level in 26 years. 🥇

Since 2015, the increase has been 8 points.

China has led the way: since 2023, the share of gold in China’s reserves has doubled — 7.1%. 🇨🇳