How China's gold-buying spree and Hong Kong hub help internationalize the yuan
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China has been purchasing gold every month for nearly two years to narrow the precious metal holdings gap with the United States and support the global rise of the yuan. To boost yuan internationalization, Beijing is developing Hong Kong into a yuan-denominated gold trading center, creating new spending channels where currency can be converted directly into gold. While analysts note the U.S. dollar still dominates international transactions, these initiatives represent the latest strategic steps by Beijing to expand the global usage of its currency.
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