China courts foreign gold reserves in bid to boost global clout - report

[3d Photo-realistic image of golden bricks with china background]
Petmal

* China, the world's biggest gold buyer, reportedly aims to become custodian of foreign sovereign gold reserves in a bid to strengthen its standing in the global bullion market.
* The People’s 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’s borders, _Bloomberg_ reported.
* The effort has taken place over recent months and has attracted interest from at least one country in Southeast Asia, the report said.
* In August, the PBoC reported a 1.9t gold reserve increase, the tenth consecutive monthly gold purchase, especially amid global economic uncertainty and efforts to diversify away from the U.S. dollar.
* China’s wholesale gold demand, however, fell 9t m/m to 85t last month. This represents a 17t y/y decline, the weakest August since 2010, as elevated gold price levels (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) have kept tonnage demand low so far in 2025 compared to previous years.

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