From Bloomberg News
Tuesday, September 23, 2025
China aims to become custodian of foreign sovereign gold reserves in a bid to strengthen its standing in the global bullion market, according to people familiar with the matter.
The People' Bank of China is using the Shanghai Gold Exchange to court central banks in friendly countries to buy bullion and store it within the country' borders, said the people, who spoke on condition of anonymity as the discussions aren' public. The effort has taken place over recent months and has attracted interest from at least one country, in Southeast Asia, the people said.
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The move would enhance Beijing' role in the global financial system, furthering its goal of establishing a world that is less dependent on the dollar and Western centers like the United States, United Kingdom, and Switzerland. Countries have been snapping up gold as a hedge against mounting geopolitical risks, creating the opportunity for the PBoC to offer a haven for an asset deemed crucial as a buffer to economic shocks.
The PBoC and SGE didn't respond to requests for comment.
Demand from central banks has been a key pillar in the precious metal's recent ascent to record highs, and the PBoC itself has been on a buying spree for ten straight months. ...
"Markets may be speculating that China's bid to host foreign gold reserves signals a long-term push to elevate its role in the global monetary system," said Wael Makarem, financial markets strategists lead at Exness. "Investors could be interpreting this as incremental de-dollarization momentum, which could support gold."
The reserves would be held in custodian warehouses linked to the SGE's International Board, which falls under the PBoC and was set up by the central bank in 2014 as the main venue for foreigners to trade gold with Chinese counterparts. The bullion would be made up of new purchases that count toward the foreign country's reserves, rather than being relocated from existing stockpiles, the people said. ...
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