Highlights:
- The 83 tons of pure gold stored in creditors’ coffers by Kingold as of June has a backing of 16 billion yuan of loans.
- This is equivalent to 22 percent of China’s annual gold production and 4.2 percent of the state gold reserves as of 2019.
- The gold scam came into light in February after Dongguan Trust set out to liquidate Kingold collateral to cover the defaulted....
Tags : China, gold, reserves, fraud, Kingold,
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