Episode 12: China's recent move in Gold Market

This week, I welcomed Eric Yeung (@KingKong9888) to talk about what’s been happening recently going on with China and gold. I asked Eric to discuss what is currently happening on the Shanghai Gold Exchange and Shanghai Future Exchange with respect to Gold Vault.What does it mean for SGEi to be opening up vaults around the world? What does it mean for China to be talking to other countries about storing their gold reserves in SGE vault? And what does it mean for China and Russia to be building an alternative securities depository system to Euroclear and ClearStream? How does all of this play out in China’s overarching goals of creating an alternative financial system to the one that has been created by Western countries?I think Eric did a pretty good job explaining all of that here. And I recommend everyone to follow him on X or Xiaohongshu.As an update from today:China is also currently in a spat with BHP where it is refusing to buy any iron ore unless traded in RMB. This is another sign China intends to conduct energy and natural resource purchase in RMB and to use its own domestic exchanges. Even more recently, Russian oil traders are shifting to yuan payment from Indian refiner in another move that is undoubtedly going to fuel Petroyuan move. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tphuang.substack.com

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