{"id":807,"date":"2012-09-21T14:45:35","date_gmt":"2012-09-21T03:45:35","guid":{"rendered":"http:\/\/www.australian-gold.com\/blog\/china-building-gold-reserves-for-renminbi-reserve-currency-bid-game-on\/"},"modified":"2012-09-21T14:45:35","modified_gmt":"2012-09-21T03:45:35","slug":"china-building-gold-reserves-for-renminbi-reserve-currency-bid-game-on","status":"publish","type":"post","link":"https:\/\/www.australian-gold.com\/blog\/china-building-gold-reserves-for-renminbi-reserve-currency-bid-game-on\/","title":{"rendered":"China building gold reserves for Renminbi reserve currency bid. Game on."},"content":{"rendered":"<p>China to surpass India in Gold consumption this year: Deutsche Bank<\/p>\n<p>Mainland China is poised to overtake India as the world\u2019s largest consumer of gold, said Deutsche Bank in a special report.<\/p>\n<p>Asian demand in particular has grown dramatically, where China is expected to become the world\u2019s largest buyer of gold as soon as this year, the German bank added.<\/p>\n<p>\u201c<strong>We would argue that China\u2019s long-term strategy on trade and finance likely includes a definitive position on gold. Given the possibility that China\u2019s could be the world\u2019s largest economy in the second half of the century we expect that at some point over the long-term the RMB may be in a position to challenge the USD as the world\u2019s reserve currency<\/strong>,\u201d the German bank added. \u201cIf this is envisioned by the PBOC we would expect that in preparation for such an event and to support reserve currency legitimacy in the eyes of its trading partners, <strong>the country (China) may see a stock-pile of gold rivaling that of the US as a requirement.<\/strong> On this basis we would expect that China could be quietly building its gold reserves,\u201d they added. (Commodity Online)<\/p>\n<p><strong>From the charts below if China is to have  gold reserves equal to that of the USA then they have a massive task ahead.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.australian-gold.com\/blog\/wp-content\/uploads\/2012\/09\/gold-reserves-2012-600x371.jpg\" alt=\"gold-reserves-2012\" title=\"gold-reserves-2012\" width=\"600\" height=\"371\" class=\"alignnone size-large wp-image-808\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.australian-gold.com\/blog\/wp-content\/uploads\/2012\/09\/gold-reserves-tonnes-600x312.jpg\" alt=\"gold-reserves-tonnes\" title=\"gold-reserves-tonnes\" width=\"600\" height=\"312\" class=\"alignnone size-large wp-image-810\" \/><\/p>\n<p>And China will not be able to amass enough gold to equal the USA&#8217;s reserves by production meaning that it will have to buy massive amounts of gold over the next few decades.<\/p>\n<p><strong>Gold Production by Country 2011 -2012<\/strong><br \/>\n<img decoding=\"async\" src=\"http:\/\/www.australian-gold.com\/images\/gold-production-2011.jpg\" alt=\"\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China to surpass India in Gold consumption this year: Deutsche Bank Mainland China is poised to overtake India as the world\u2019s largest consumer of gold, said Deutsche Bank in a special report. Asian demand in particular has grown dramatically, where China is expected to become the world\u2019s largest buyer of gold as soon as this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-807","post","type-post","status-publish","format-standard","hentry","category-gold-blog"],"_links":{"self":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts\/807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/comments?post=807"}],"version-history":[{"count":0,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/posts\/807\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/media?parent=807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/categories?post=807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.australian-gold.com\/blog\/wp-json\/wp\/v2\/tags?post=807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}