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China Seeks to Become Gold Custodian for Central Banks Amid Record Prices
China Seeks to Become Gold Custodian for Central Banks Amid Record Prices
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BTCCSquare news:
China is positioning itself as a global gold custodian for central banks, leveraging the Shanghai Gold Exchange to attract foreign reserves. At least one Southeast Asian nation has expressed interest, signaling a strategic MOVE to reduce reliance on Western financial hubs.
Gold's rally continues unabated, with spot prices hitting $3,784.74/oz this week—up 43.59% YTD. This outperforms Bitcoin's 17% gain and major equity indices, underscoring institutional demand.
The custodial push builds on infrastructure established since 2014, though adoption has been slow until now. Analysts speculate mBridge project participants may be early adopters of Shanghai storage solutions.
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