Gold bars on display at a jewelry store in Hangzhou, China.
Photographer: Ni Lifang/VCG/Getty ImagesThe Big Take
Gold’s Record Rally Is Helping China Challenge Trump and the Dollar
Beijing is seizing the opportunity to offer up an alternative to US financial dominance.
A scorching gold rally is helping China get one step closer to its goal of building a world less dependent on US-centric financial markets.
Beijing has already been accumulating reserves for a decade, building a bullion stockpile that is likely to be the sixth-largest in the world. Now the metal’s vertiginous ascent is adding support to its campaign. On Wednesday, gold smashed through $4,000 an ounce for the first time — partly thanks to President Donald Trump’s erratic policies at home and abroad.