China to boost yuan with overseas gold storage facilities as it challenges US hegemony

China will allow certain products traded on the Shanghai Gold Exchange to be delivered overseas by establishing storage facilities in other countries – part of a broader effort to promote the yuan and reduce reliance on the US dollar and US financial systems, according to top regulatory agencies.

In an action plan aimed at enhancing Shanghai’s cross-border financial services to support outbound investment and the Belt and Road Initiative, Chinese regulators said key financial platforms would be strengthened to better allocate global financial resources and enable deeper international investor participation in China’s markets.

Source: https://www.scmp.com