While the U.S. is engaged in a diplomatic spat with Russia over their annexation of Crimea, relations with China, a major exporter of goods to the United States, appear to be stable. China, however, continues to stockpile gold while not adding U.S. Treasuries to their reserves.
Last October we noted that China was anxious to remove its reliance on the U.S. dollar:
China Calls for a De-Americanized World
China, the United States' largest creditor, wrote in its state run news agency on October 13, 2013 about the United States "such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated". China has been diversifying its reserve assets out of U.S. Treasuries for the past few years. For more on the United States Dollar and its status as the world's reserve currency and challenges to its hegemony click here.
With Russia now in what appears to be a currency war with the U.S., they may find a willing partner in China to create an alternative international financial system that does not rely upon or use the dollar. Irrespective of either country's intentions, their physical gold buying sprees continue unabated.
Here is a chart that illustrates how China has been increasing its gold reserves by importing it through Hong Kong.