On a number of occasions, China has assured the U.S. and the world, that it's faith in the U.S. Dollar remains firm. Surely, it is not in China's best interest to see the dollar weaken as some $867 billion U.S. dollars worth of debt is being held within its strategic reserves. At the same time, reports suggest China's appetite for gold is waning as they seek investments that bear interest and are not subject to such high levels of volatility. See the recent article on China's Golden Smoke Screen to learn just how insatiable China's appetite for gold may be. In this article we see how, behind China's negative comments regarding gold, they are acquiring gold at a rabid pace. Now, evidence is surfacing that not only is China running for gold, it may be starting a steady jog toward the dollar exit.In a report today from The People's Daily, we read that, China offloaded 32.5 billion U.S. dollars worth of U.S. Treasury bonds (T-bonds) holdings in May but remains the largest holder of U.S. debt, the U.S. Treasury Department reported last Friday.Now, get this. In the same month, China's foreign exchange reserves fell by around 51 billion U.S. dollars despite a 19.5 billion U.S. dollars trade surplus and 8.1 billion U.S. dollars in foreign direct investment inflows.So, let me see if I got this all straight. $32.5 billion in bonds were sold, another $18.5 billion was spent (on something) and none of the trade surplus or investment inflows went into dollar assets.Did China buy gold? Are gold coins now part of the steady diet of their reserves? It's no secret the mid-summer months typically see the gold charts take a little dip while most of us are taking a little dip of our own poolside or on some beach. If China is buying gold, what a great opportunity they are capitalizing on. Maybe we should be following their lead.