China says it long has had a dollar diversification plan. Do You?

Zhou Xiaochuan, governor of the People’s Bank of China, said at a conference in Frankfurt that China has very clear plans to diversify its reserves, which now stand at more than $1 trillion. A wide range of instruments are under consideration, Zhou added.

Central Banks seem to be thinking the same way.

The instruments mentioned are possibly currency diversification into the Euro, oil or even gold. Gold which stood for about 60% of total international reserves in 1980, has since diminished to just 9% in 2005. This leaves immense possibility for gold as an option for Central Banks.

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Is this the demise of the Dollar?

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