Markets

CNBC's The China Connection newsletter: How a gold-buying spree helps the yuan go global - CNBC

Source: CNBC

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DW NOTE

The PBoC has bought 323 tonnes of gold in 18 months while retail yuan deposits outside China have doubled to $700bn. The connection isn't subtle: gold reserves let you defend a currency without burning through dollar claims, and offshore yuan deposits mean someone believes those claims are worth holding. Beijing is building the settlement infrastructure for a reserve currency while Washington runs a $1.8 trillion deficit and 3.7% PCE inflation.

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