Hong Kong’s bridge of gold completes China’s yuan ambition

AI Summary

China's efforts to build gold reserves are linked to its broader ambition to internationalize the yuan, with Hong Kong serving as an important hub for gold storage and trade. The article highlights Hong Kong's financial-security role and its historical importance in bullion flows, including importing 1,158 tonnes in 2013.

Beijing’s push to accumulate gold serves a larger goal: yuan internationalisation. In this series, Part I traces China’s path to becoming a gold superpower, while this article explores Hong Kong’s key role in safeguarding the nation’s financial security. In 2013, one-third of the world’s traded gold passed through Hong Kong. That year, the city imported 1,158 tonnes of bullion, overtaking India, the traditional top buyer. For all our love of the glittering metal, little of it stayed in our...