China Expands Global Reach of Gold Exchange in Push to Ditch Dollar

China’s top financial regulators have announced a new initiative allowing select Shanghai Gold Exchange products to be delivered internationally through the creation of storage facilities in foreign countries. The goal is to boost the yuan's global role while reducing dependence on the U.S. dollar and American-led financial systems.

This development is part of a wider policy framework intended to improve Shanghai’s capabilities in cross-border finance, facilitate outbound investments, and align with the objectives of the Belt and Road Initiative. The plan also seeks to solidify China’s key financial infrastructures to draw more foreign capital and integrate more deeply into the global financial system.

According to the South China Morning Post the People’s Bank of China, the National Administration of Financial Regulation, the State Administration of Foreign Exchange and the Shanghai Municipal People’s Government released a statement this Monday stating: