China Moves To Dominate Gold Market With Physical Exchange

https://www.goldcore.com/goldcore_blog/China_Moves_To_Dominate_Gold_Market_With_Physical_Exchange

Marsh highlights that in 2015, the IMF will review the composition of their Special Drawing Right (SDR) monetary unit, and an important milestone for the Chinese currency will be “the possible inclusion of the renminbi” in the SDR. According to Marsh. “there is a growing belief that the Chinese currency now conforms to a sufficient number of standards for convertibility that it will be become one of the constituent parts along with the dollar, the euro, yen and sterling.”

In all aspects of the Chinese gold market, be it the commercial sector or the official sector, the importance of gold as an investment and as a backing to a future currency is being explicitly signalled by the Chinese authorities.