Cambodia readies gold deposit in China as Beijing pushes to host global bullion hub

Cambodia is set to become one of the first countries to store part of its national gold reserves in China, under arrangements via the Shanghai Gold Exchange (SGE) in the duty-free zone of Shenzhen.

The move reflects a broader push by China to elevate its role in the global bullion market and reduce dependence on traditional Western gold-storage hubs like London or New York.

According to the report, Cambodia currently holds around 54 tonnes of gold reserves, worth roughly a quarter of its total foreign-exchange reserves (some US $26 billion).

The gold earmarked for China’s vaults is believed to be newly acquired metal, not transferred from existing stockpiles, as part of an effort to diversify away from dollar-linked systems and Western-centric reserve frameworks.

While neither the National Bank of Cambodia nor the People’s Bank of China has officially confirmed details, analysts view the arrangement as a strategic win for Beijing as it strengthens its position in global finance.

This development may serve as an early model for other countries seeking alternative storage-and-reserve options, especially among emerging-market economies aligned with China’s regional initiatives.

Source: Business Times