Beijing is building a gold-backed monetary architecture to accelerate yuan internationalisation. In this three-part series, Part 1 traces China’s path as a gold superpower, while Part 2 explores the crucial role of Hong Kong’s offshore vaulting infrastructure.
Hong Kong’s ambition to become an international gold trading centre rests not only on serving the nation’s financial needs, but also on China’s booming consumer market for gold.
As the world’s largest gold producer and importer, China easily absorbs hundreds of tonnes of the precious metal each year or more, an estimated 80 per cent of which is snapped up by consumers whose love of gold dates back millennia.