China’s central bank has been consistently accumulating gold for 16 months, in a move that could potentially undermine the dominance of the U.S. dollar. What Happened: The People’s Bank of China added approximately 390,000 troy ounces of gold in February, bringing its total gold reserves to 72.58 million troy ounces, or roughly 2,257 tons, reported Bloomberg citing government data. At 10:00 a.m. in New York on Thursday, the price of gold was at a record high of $2,161.90, marking a 5.25% increase over the past five days and an 18.77% increase over the past year. Central banks’ gold purchases i…