china, opened a pilot program for gold storage and all the other whistles n bells renumerable in rmb....so i dunno wut bloomy is talkin bout?
Russia, the world’s second-largest gold producer, mines more than 300 tons of the metal a year. Since 2022, however, Russian bullion has been shut out of Western markets and is no longer accepted by the London Bullion Market Association, effectively barring it from the [now defunct] world’s biggest over-the-counter gold-trading hub. That complicates any potential large-scale sales by the central bank to Asian buyers, where it would also face competition from newly mined gold produced by sanctioned Russian producers that cannot currently be sold elsewhere.
YES it CAN
i'm keeping up as best i can
1. Shanghai Gold Exchange (SGE) expanded to Hong Kong
In June 2025, the Shanghai Gold Exchange opened its first offshore gold vault and trading infrastructure in Hong Kong. This facility allows physical gold to be stored and traded in Hong Kong, with delivery and settlement in renminbi (RMB) — a significant step toward making Hong Kong a global bullion trading and storage hub linked to China’s market.
2. New gold contracts and delivery services launched
Alongside the vault, the SGE launched RMB-denominated gold contracts traded through Hong Kong, facilitating spot, forward, and swap transactions, and offering settlement via cash or physical delivery to the offshore vault.
3. Strategic intentions for Hong Kong’s role
Hong Kong’s authorities have announced plans to expand its gold trading infrastructure, build central clearing systems, and increase storage capacity (with targets over 2,000 tonnes) to reinforce its position as an international gold market hub.
4. Broader China strategy
China is actively promoting its gold market to attract foreign sovereign reserves and diversify away from traditional Western custody hubs like London — part of its larger effort to reduce reliance on the U.S. dollar and support RMB internationalization.
?? What This Means - Yes, this counts as a pilot gold storage and trading hub tied to China’s financial strategy, but it’s specifically based in Hong Kong, leveraging its global financial infrastructure and legal system.
- This initiative marks a significant shift from China focusing solely on domestic trading (e.g., Shanghai) toward integrating overseas market infrastructure.
If you want, I can go into more detail on how this may affect global gold prices or major bullion markets like London and New York. |
