Hong Kong's development of CNY-denominated gold market and China's expansion of gold reserves
- 1Hong Kong confirmed efforts to develop a CNY-denominated gold market last month.
- 2Hong Kong plans to expand its gold vault target capacity to over 2,000 tons within the next three years.
- 3China's gold reserves of over 2,300 tons in Q2 accounted for approximately one-third of the US gold reserves in Q2.
So what's the key point?
Hong Kong decided to create a market for trading gold in CNY and expand its gold storage capacity by 2,000 tons. Because China holds a large amount of gold, its reserves are about one-third of what the US holds.
Source CNBC · View original ↗
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