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China almost certainly owns more gold than the US – here s why that matters

China almost certainly owns a lot more gold than anyone else – including the USA. But how much? And why does it need so much gold? Dominic Frisby explains.

The Mechanics Of The Global Gold Market

The Mechanics Of The Global Gold Market
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China owns a lot more gold than it s letting on – and here s why

© Visual China Group via Getty Images It has been clear for some time that China has designs on the US dollar’s global reserve currency status. For China, this is simply a return to its rightful position on top of the world. To us Western usurpers, the implications of this are just enormous. Nine in ten central banks are working on digital currencies, according to research by Fintech and IT Benchmarks 2021, but none (except perhaps the Bahamas), are as advanced as China, which has been working on its since at least 2014. Word is, it wants it to be fully functional in time for the Beijing Olympics in 2022. Forget Rishi Sunak’s Britcoin, China is way ahead.

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