(China, 24th) — Informed sources say China aims to become the custodian of foreign sovereign gold reserves to enhance its position in the global gold market.
Bloomberg quoted informed sources on the 23rd as reporting that China's central bank, through the Shanghai Gold Exchange, is attracting central banks of friendly countries to purchase gold and store it within China. According to sources, this initiative has been underway over the past few months and has attracted the interest of at least one Southeast Asian country.
The report says this move will enhance Beijing's position in the global financial system, further driving China to build a world less dependent on Western financial centers such as the United States, United Kingdom, and Switzerland. Countries have been scrambling to buy gold to hedge against mounting geopolitical risks, presenting China's central bank with an opportunity to provide a safe haven for what is considered a key asset in resisting economic shocks.
Bloomberg quoted informed sources on the 23rd as reporting that China's central bank, through the Shanghai Gold Exchange, is attracting central banks of friendly countries to purchase gold and store it within China. According to sources, this initiative has been underway over the past few months and has attracted the interest of at least one Southeast Asian country.
The report says this move will enhance Beijing's position in the global financial system, further driving China to build a world less dependent on Western financial centers such as the United States, United Kingdom, and Switzerland. Countries have been scrambling to buy gold to hedge against mounting geopolitical risks, presenting China's central bank with an opportunity to provide a safe haven for what is considered a key asset in resisting economic shocks.