China is hiding $3 trillion of foreign currency in ‘shadow reserves,’ adding unknown risks to the global economy, former Treasury official says

MarketsInsider/Filip DeMott/6-30-2023

“China’s state banking system is the main way Beijing hides its reserves, [former Treasury official Brad] Setser said. That includes state commercial lenders like the Bank of China, Industrial & Commercial Bank of China or ICBC, China Construction Bank, and the Agricultural Bank of China as well as policy banks like the China Development Bank and the Export-Import Bank of China.”

USAGOLD note: Likewise, many gold market analysts believe China has significantly larger gold reserves than what it reports. These, too, they say, are housed in its state banking system.