In 2023, the current Treasury Secretary Scott Bessent had floated a scenario wherein China could develop a Renminbi backed by or exchangeable for gold to bypass the U.S. dollar system.
Three years later, as gold hovers near $4,700 per ounce, new market data reveals Beijing is quietly acquiring “far more gold” than official reports suggest, fueling a broader central bank shift toward the precious yellow metal.
China’s Hidden Bullion Accumulation
Analysis of London over-the-counter (OTC) market data from Goldman Sachs and The Kobeissi Letter reveals that China acquired an estimated 88 tonnes of gold in May and June alone, which is substantially higher than official state figures.
This estimated accumulation coincides with Bloomberg data showing China steadily liquidating its U.S. Treasury holdings down toward $633 billion while expanding its gold reserves.
