Huge imports of gold have fuelled speculation about the mainland's intentions, including an alleged bid to launch a global monetary system China's huge appetite for gold has inspired dozens of conspiracy theories. They are all nonsense.
Yes, it is true that China has been buying an awful lot of gold recently. According to figures from Hong Kong's Census and Statistics Department, last year the mainland imported an impressive 1,497 tonnes of the yellow metal through the city.
Some of that gold came back again after being turned into jewellery, figurines of horses and the like. Even so, China's net imports of gold through Hong Kong last year were worth a thumping HK$409 billion. That's roughly 1,170 tonnes of bullion.
To put that into perspective, it's equivalent to 40 per cent of all the gold produced by all the mines in the world last year.
One reason these theories can gain traction is Beijing’s own reticence about its gold holdings
What about the Queen?