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When geopolitical & socio-economic tensions rise, both people & nations turn to hard assets. One big buyer in particular has been Beijing. China has been swapping Treasuries for gold for years, lifting reserves to over 74m ounces. This is a reflection of both state policy and popular sentiment: hedging against dollar risk, sanctions, and China’s own shaky property and stock markets. It’s a signal of rising uncertainty in the world. More on China’s economic, industrial, and tech policies in this week’s deep dive: https://t.co/bW0eSzTPgx