Foreign Media: S&P Global Ratings report states that China is building a global gold reserve network and accelerating central bank gold purchases to enhance the status of the renminbi in international trade.
China aims to strengthen the international convertibility and appeal of the renminbi through the "renminbi–gold" linkage, as gold possesses global liquidity value. In 2025, China will reclassify gold from financial assets to "strategic minerals," with companies such as Zijin Mining and Shandong Gold expected to accelerate development.
In addition, China has established its first overseas gold delivery warehouse in Hong Kong and launched gold contracts denominated in renminbi. Going forward, China plans to set up more warehouses in major gold trading centers including Singapore, Kuala Lumpur, Dubai, Riyadh, and Moscow, forming a globally covering gold network to attract countries to diversify their gold reserves and strengthen control over gold assets.
Original article: toutiao.com/article/1874481235843148/
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