The world is full of golden rules. There is one for every field—ethics, communication, fashion. But there is only one that counts: the golden rule of money, “Whoever has the gold makes the rules.”
China, it seems, wants to make the rules in the international monetary system, which is why it has been acquiring vast amounts of gold through both private and official channels.
Because of the obscure nature of the Chinese gold market and the reluctance of Chinese officials to show their hand, nobody has been able to accurately calculate how much gold the Chinese have acquired since 2000, when they began amassing it.
Sources: Thomson Reuters; Federal Reserve; World Gold Council; Koos Jansen; Economic Times
