China’s Gold Vault Network Aims to Boost Yuan’s Global Role

China is quietly building a worldwide network of gold vaults and stepping up central bank gold purchases, part of a broader push to strengthen the yuan’s use in international trade, according to a report released Tuesday by S&P Global Ratings. The report also said that major Chinese gold firms, including Zijin Mining—the country’s largest gold processor—and Shandong Gold Mining, are expected to expand “faster than most of their global peers.” This follows Beijing’s decision in 2025 to reclassify gold from a financial asset to a “strategic mineral.” “If you are...