China attempts to switch to the 'Secretary of Conservation' World Wide Sovereign Gold Reserves

China intends to become a secretary of foreign sovereign gold reserves because it seeks to improve its position in the global gold market, according to people who are familiar with the matter. People who chose not to reveal their identity because the discussions are not public, that the Chinese bank uses the Shanghai Gold Exchange to attract central banks in friendly countries to buy gold and store it within China’s boundaries. People have indicated that these efforts, which started months ago, have received attention from at least one country in Southeast Asia. Improving Beijing’s influence and reducing the dependence on the dollar. This step would strengthen the role of Beijing in the global financial system, and to support its goal in establishing a world -based world based on the US dollar and Western centers such as the United States, the United Kingdom and Switzerland. Countries rushed to buy gold as a tool amid the escalation of geopolitical risks, giving Chinese People’s Bank the opportunity to offer as a safe haven to see that it is necessary to record economic shocks. The Chinese People’s Bank and the Shanghai gold stock exchange did not respond to suspension requests. The request of central banks was a basic pillar in the rise of gold recently to record levels, while the Chinese People Bank continued to buy in ten consecutive months. It may be interested in: an unprecedented number of central banks plan to improve gold reserves, and these reserves are held in the warehouses of the Shanghai golden stock exchange, which is subject to the Chinese bank’s supervision, and the central bank founded it in 2014 to be the main platform in China in China. New gold, not last shares, said people that gold will come from new purchases counted within the reserves of abroad, and not by transferring stock in advance. While China’s move is a new progress in strengthening its role in the global gold trade, it is still far from competing with approved financial centers such as the UK. The Bank Bank of England contains more than 5000 tonnes of global gold reserves, worth about $ 600 billion, which erected the position of London as the largest precious metal trade center. Conservation services, which protect the assets on behalf of clients, are the basic pillar of any gold trading center as it increases confidence and helps attract more transactions. According to the World Gold Council, China is fifth in the world. However, the local gold market in China remains either in the form of jewelry, alloys and the largest investment currencies in the world. Promoting local gold trade will boost Beijing to accelerate its campaign to reduce the dependence on the dollar and improve the internationalization of the Yuan. Also read: The Chinese central still buys gold for the tenth month in a row. Gold prices have risen by twice to $ 3700 per gram over the past two years, which recently was its amended standard level according to inflation and registered in 1980. Golden price expectations: $ 5000 dollars can expect this sharp rise in the more than $ 5,000 in the Goldman Sachs bank to expect the price of the price of the price of the price of 1% of the price of the price of the price of 1% price. Treasury binds to the precious metal. China has already taken several steps to open its gold market. The Shanghai Gold Stock Exchange this year launched its first treasures and external contracts in Hong Kong, in an effort to increase the amount of transactions in the Yuan. The Chinese People’s Bank has recently reduced the restrictions on gold imports. You may also be interested in: China facilitates the import of gold with high prices and yuan recovery for potential customers. Chinese cabinets can be an attractive option to build reserves and avoid the risk of isolation of global financial markets. The pace of the purchases of gold in the central banks increased after the United States and its allies frozen after the invasion of Ukraine in 2022.