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China Vies for Global Gold Custodianship Amid Record Price Surge
China Vies for Global Gold Custodianship Amid Record Price Surge
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BTCCSquare news:
China is aggressively positioning Shanghai as a preferred Gold storage hub for central banks, capitalizing on record-high prices and growing institutional demand. The People's Bank of China has intensified outreach to Southeast Asian counterparts, leveraging the Shanghai Gold Exchange's infrastructure since 2014.
This strategic push challenges London's dominance in bullion custody, reflecting broader efforts to diversify from Western financial systems. Central bank gold purchases have accelerated globally, with China's campaign coinciding with heightened macroeconomic uncertainty and dollar skepticism.
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