China’s Gold Ambition

Date: 11 Jan 2016

The dotted lines are there. But the jigsaw pieces seem loose at the moment. These are the news:

1) China is the the largest importer of gold and it is the world’s largest gold miner. It is estimated that for more than a decade, China has mined 2,000 tonnes of gold and imported 3,000 tonnes of gold though Hong Kong. Yet China only declared it is holding 1,700 tonnes of gold

2) The ICBC bank London has been appointed by the BOE as the clearing house for Yuan in UK

3) Recently ICBC is rumoured to be the buyer of Deutsche Bank’s 1,500 tonnes gold vault in London, including the 200 tonne gold vault in Singapore as Deutsche Bank exits the commodity trading business.

4) The London Bullion Market Association is the world’s largest gold trading market. ICBC is said to have applied for membership as well.

5) China has directed all foreign banks with import licence to participate in Yuan denominated gold benchmark from April 2016 or face curbs in their import operations

London – Gold – Yuan. Some interesting developments could happen in the months ahead.

About The Author

pcwong

Author of the books “Invest In Foreign Shares!” and “Invest In REITs!” both books are available at Popular bookstores “Invest In Foreign Shares!” reached Popular’s top 10 bestseller in August 2014 in the non-fiction category

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