Gold strategy: why a Chinese global network of vaults would bolster yuan’s trade role
China is building a global network of gold vaults and accelerating central bank reserve buying as part of efforts to promote the yuan’s role in international trade, according to an S&P Global Ratings report on Tuesday. Chinese gold miners, such as the mainland’s largest gold processor Zijin Mining, and Shandong Gold Mining, were also expected to expand “faster than most of their global peers”…
China is actively building a global network of gold vaults and increasing its central bank reserve purchases to promote the yuan's role in international trade, according to an S&P Global Ratings report. The country classified gold as a "strategic mineral" in 2025, which led to Chinese gold miners, including Zijin Mining and Shandong Gold Mining, expanding faster than their global peers.
The launch of China's first offshore gold delivery vault in Hong Kong, operated by Bank of China, could attract countries seeking to diversify their gold storage onshore or nearshore, enhancing control over their assets. With gold holdings ranking sixth globally and a 21-month accumulation streak, China's sentiment for further build-up through purchases or production remains high.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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