China continues to hoard gold en masse. In June, China imported 104.6 tonnes from Hong Kong. That would bring China's gold imports from Hong Kong to 1,160 tonnes since the beginning of this year. Officially, China reports its total gold holdings at around 1,000 tonnes. Yet speculation is widespread that it could be holding somewhere between 7,000 to 10,000 tonnes, surpassing the United States' 8,113 tonnes. China is apparently preparing to adopt an impending gold standard.
Yao Yudong, a member of the People's Bank of China's Monetary Policy Committee, recently penned an article in the China Securities Journal, in which he called for a new Bretton Woods system. This would help stabilise the global exchange rates. By implication, he is calling for a return to the gold standard.
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