China is leading a 'voracious' gold-buying spree as central banks try to shrink dollar reserves

• Central banks are buying a lot of gold, and China is leading the pack, the World Gold Council said.
• The move is part of a broad shift away from dollar reserves but is also stoked by inflation and economic uncertainty. 
• The annual total of gold purchases by central could surpass a record set last year, the Council said. 

Central banks around the world are on a gold-buying spree, and China is outpacing them all. 

The bullion binge comes as part of a broad effort this year of countries trying to diversify reserves away from the dollar, as well as attempts by some nations to de-dollarize trade relationships by conducting transactions in local currencies.