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China expands yuan-linked gold vault network to boost trade role
S&P Global Ratings says Beijing’s 2025 reclassification of gold as a strategic mineral is expected to speed expansion by miners, alongside the launch of two yuan-denominated gold contracts at the SGE.
China is building a global network of gold vaults and stepping up central bank gold purchases to support the yuan’s role in international trade, according to an S&P Global Ratings report cited by SCMP Economy.
The report links the push to Beijing reclassifying gold from a financial asset to a “strategic mineral” in 2025, a change S&P Global Ratings said could help Chinese gold miners expand faster than many global peers, including companies such as Zijin Mining and Shandong Gold Mining.
S&P Global Ratings also pointed to the Shanghai Gold Exchange listing two new yuan-denominated gold contracts, which can be settled through either physical delivery or cash settlement.
Beyond China, the report said other locations under consideration for the vault network include gold trading hubs such as Singapore, Kuala Lumpur, Dubai, Riyadh, and Moscow.
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