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Gold in Chinese culture symbolizes prosperity, luck, and power, often used in high‑karat jewelry for significant life events. The People’s Bank of China is a major global gold buyer, regularly adding to its reserves to diversify assets and reduce dollar dependence, with actual purchases possibly exceeding official figures. China also leads in gold mining, with a rich deposit found in Shandong province. In 2020, a large fraud involving 83 tons of counterfeit gold bars—actually gilded copper—was uncovered, raising concerns about quality control. A widely circulated story claims that Chinese inspectors found London gold bars containing tungsten cores, illustrating mistrust between global financial systems.