Fed Chairman – “There can be multiple Reserve Currencies”

Did anyone catch this? The Fed Chairman said this, tucked away in the transcript of Jay Powell’s testimony to the Financial Services Committee…

THERE CAN BE MULTIPLE RESERVE CURRENCIES. THERE COULD BE AN EQUILIBRIUM WHERE THERE ARE TWO OR THREE AND THAT WOULD BE FINE. RIGHT NOW IT REALLY IS THE DOLLAR…

Officially reported holdings:
en.wikipedia.org/wiki/Gold_reserve
2019 Rank
(in metric tons)
1 United States 8,133.5
2 Germany 3,369.7
— International Monetary Fund 2,814.0
3 Italy 2,451.8
4 France 2,436.0
5 Russia 2,190.1
6 China 1,916.3
7 Switzerland 1,040.0
8 Japan 765.2
9 India 618.2
10 Netherlands 612.5
— European Central Bank 504.8
11 Republic of China 423.6

I thought China was buying all of the gold?

Not quite!

 

h/t 2012Portal