Chinese Central Banker Says: West "Hasn't Quite Got a Hold of Money and Banking Yet".
In this report, I cover the early market action from London on Monday, March 11th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I first look at how the Chinese Central Bank has started adding in the last few months to their gold reserves. Zero Hedge notes that the buying which has occurred since December of 2018 had stalled prior to then in 2016.
With this recent increase in interest by the Chinese Central Bank and others around the world I look at a book by the former Bank of England governor Mervyn King entitled "The End of Alchemy". In the book's introduction, he notes that what encouraged him to write the book was a comment made to him by a top Chinese Central Banker in 2011. This Chinese official basically said that China has followed the successful example of the West as far as the market economy is concerned but that the West "had not quite got the hold of money and banking yet."
My conclusion is that China will be an important player at the negotiating table when the world's monetary and banking system needs to be reformed and that gold will play a very important part in these reforms.
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Chaina's purpouse to accumulate gold is to back Yuan's value to internationalize Yuan. That's the reason Yuan has been run parallel to the gold price these years. When China decided to move Yuan higher, so goes gold. Because they have a say in London gold fix.
I agree with you @sryutaro. The Chinese also bought the JPM vaults in New York a few years ago.
Good morning mario, i am still angry with gordon brown's bottom! unloading of our gold at a rock bottom price! have a great day mt friend :)