China is building a global network of gold vaults to facilitate yuan convertibility and strengthen its use in international trade, according to a report by S&P Global Ratings. Hong Kong hosts the country’s first offshore gold delivery vault, with other hubs such as Singapore, Dubai, Kuala Lumpur, Riyadh and Moscow being considered to expand this network. China also reclassified gold as a strategic ore in 2025, enabling this type of arrangement. By late July, China’s gold reserves stood at 76.08 million ounces, marking the 21st consecutive month of accumulation. The CIPS payment network now connects over 5,200 banks across 191 countries, processing approximately 920.5 billion yuan per day.
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