China has been accumulating gold for 23 consecutive months as part of its strategy to promote the internationalization of the yuan. Hong Kong is developing a yuan-denominated gold market with a vault linked to Shanghai that will expand capacity from 150 to over 2,000 tonnes in the next three years, positioning the city as one of the world’s largest gold trading centers. The United States holds approximately 8,100 tonnes of gold reserves compared to roughly 2,300 tonnes for China. Analysts say this accumulation strengthens the yuan’s credibility, reduces global reliance on dollar-denominated reserves, and gradually weakens the dollar’s monopolistic position in the international monetary system.
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