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How a Gold‑Buying Spree Helps the Yuan Go Global
China’s sustained gold purchases and the development of a yuan‑denominated gold trading center in Hong Kong aim to boost RMB internationalization. Hong Kong plans to expand its Shanghai‑linked gold vault from 150 to over 2,000 tonnes in three years, while China’s gold reserves now exceed 2,300 tonnes. Analysts say the move could increase physical gold trade in RMB, reduce reliance on the U.S. dollar, and support broader use of the yuan in trade and reserves, though major shifts in global currency dynamics are not expected soon.