Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian media: Herds of Israeli settlers storm the al-Aqsa Mosque and perform Talmudic rituals in it
Al Mayadeen's correspondent in Gaza: 15 martyrs were transferred to hospitals in the Gaza Strip in the past few hours as the Israeli occupation continues its aggression on the camps of the displaced
Al Mayadeen's correspondent in Gaza: 38 were killed since dawn on Saturday, as the Israeli occupation army targeted aid seekers at distribution sites
Palestinian Red Crescent: One martyr, several injuries among our teams after the occupation bombed the association's headquarters in al-Amal neighborhood, west of Khan Younis.
Sirens sound in Gaza Envelope settlements.
Al Mayadeen's correspondent in Gaza: Infant dies of malnutrition, four martyrs killed by Israeli-made famine in past 24 hours.
Al Mayadeen's correspondent in Gaza: 12 martyrs and more than 90 wounded in Israeli shooting of aid seekers in central Gaza.
US President Donald Trump to Newsmax: Nuclear submarines are closer to Russia.
Hamas: Continuing negotiations amid starvation strips them of meaning and value
Hamas: We affirm our readiness to immediately re-engage in negotiations if aid reaches those in need and the humanitarian crisis and famine in Gaza are resolved

China to enable overseas gold delivery to boost Yuan's role

  • By Al Mayadeen English
  • Source: South China Morning Post
  • 23 Apr 2025 18:06
3 Min Read

According to analyst Shen Meng warned that, should the US-China dispute escalate into a full-scale trade war, the United States could "impose an embargo on gold."

Listen
  • x
  • In this Aug. 7, 2003 file photo, a Chinese bank worker displays Chinese yuan at a bank in Beijing. (AP)
    In this Aug. 7, 2003, file photo, a Chinese bank worker displays Chinese yuan at a bank in Beijing (AP)

The South China Morning Post on Wednesday reported that China is advancing plans to enable overseas delivery of certain commodities traded on the Shanghai Gold Exchange, a step aimed at boosting the global profile of the yuan and limiting dependency on US-controlled financial systems.

This move is outlined in a newly released action plan by top Chinese regulators, including the People's Bank of China, the National Administration of Financial Regulation, the State Administration of Foreign Exchange, and the Shanghai Municipal Government. The blueprint aims to reinforce Shanghai's role in cross-border financial services, particularly in support of outbound investments and the Belt and Road Initiative.

"We will support the Shanghai Gold Exchange and other institutions in cooperating with overseas exchanges through product licensing, and expand the use of renminbi-denominated benchmark prices in major international markets," the agencies stated.

A core element of the plan involves exploring how physical delivery of certain products on the Shanghai Gold Exchange can be facilitated internationally by setting up offshore delivery and storage hubs. Altogether, 18 measures have been proposed to help Chinese businesses grow their global competitiveness, including the expansion of yuan usage, enhanced foreign exchange services, and broader reinsurance coverage tied to Belt and Road projects.

Related News

China advances yuan in Africa to challenge US dollar

US Treasury chief rejects yuan as reserve currency

Gold Diplomacy

The strategy arrives amid escalating economic friction with Washington. Following a recent announcement from the White House signaling potential tariffs as high as 245 percent on Chinese imports, Beijing is intensifying support for domestic sectors. As international partners reconfigure trade terms with the US during a 90-day tariff truce, China is focusing on deepening economic integration with Belt and Road nations.

According to Shen Meng, director at Beijing-based investment bank Chanson & Co, "the goal is to reduce the global risk of gold reserves being too heavily concentrated in the US." He noted that the Belt and Road Initiative is once again being leaned on as a key alliance for China in the face of the ongoing trade conflict.

Read more: Gold price hits record $3,405 amid trade war escalation

Currently, the Federal Reserve Bank of New York houses the largest global reserve of gold on behalf of governments, central banks, and international institutions. Shen warned that, should the US-China dispute escalate into a full-scale trade war, the United States could "impose an embargo on gold."

Dan Wang, China director at Eurasia Group, noted that the new initiative also intends to expand the yuan's reach beyond trade. "As China builds gold vaults abroad, you can now use the yuan to buy gold directly from these overseas vaults," he said.

  • Yuan
  • Gold
  • de-dollarization
  • US-China relations

Most Read

Given ample indications Epstein was collating sexual blackmail material on powerful figures for intelligence agencies, comments made by Mirage's cofounder to Ynet take on a chilling character. (Al Mayadeen English; Illustrated by Batoul Chamas)

Zionist spies innovate AI sexual blackmail tech

  • Analysis
  • 27 Jul 2025
A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A screengrab from a video shared by the al-Qassam Brigades Military Media wing showing the targeting of Israeli soldiers in Khan Younis, southern Gaza, August 2, 2025 (Al-Qassam Brigades Military Media)
Politics

Palestinian resistance targets Israeli forces in southern Khan Younis

Turkish President Recep Tayyip Erdogan gestures during a press conference after the plenary session at the NATO summit in The Hague, Netherlands, Wednesday, June 25, 2025 (AP)
Politics

Report questions Turkey’s role in future European defense plans

Pentagon faces turmoil under Hegseth’s strained leadership
US & Canada

Pentagon faces turmoil under Hegseth’s strained leadership

Ex Shin Bet official: Hamas will never surrender, even after 100 years
Palestine

Ex Shin Bet official: Hamas will never surrender, even after 100 years

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS