China’s push to challenge US dominance in global trade and finance may involve gold – a lot of gold.
While the metal is no longer used to back paper money, it remains a big chunk of central bank reserves in the US and Europe. China became the world’s second-largest economy in 2010, and has stepped up efforts to make the yuan a viable competitor to the dollar. That’s led to speculation that the government has stockpiled gold as part of a plan to diversify $3.7 trillion (R45 trillion) in foreign-exchange reserves.
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