Interesting move by China. They want countries to store their gold with them.
The People’s Bank of China (PBC) plans to become a custodian of foreign sovereign gold reserves by using the Shanghai Gold Exchange to court central banks in “friendly” countries to buy bullion and store it within the nation’s borders
I first thought that this was a silly idea, but then I remember the SGEI is establishing a gold vault in Saudi Arabia. It would be a bit of a snub to the USA if the Saudis used this.