Beijing, Dec. 14 (UPI) — China, South Korea and India have signed a $50-billion agreement to convert yuan into gold.
China’s central bank will purchase $2.5 billion in gold from a company based in India and buy $1 billion worth of it.
India’s central and state governments will purchase another $1.5-billion of gold.
India is also planning to buy $500 million of gold from China, and South Korea is planning to purchase $500-million worth of gold, according to a statement released by the Chinese Ministry of Finance.
The yuan is being converted to gold by a group of Chinese and Indian officials who met in the Indian capital of New Delhi in December.
India and China also plan to purchase gold from the Central Bank of the People’s Republic of China, according the statement.
The three countries are set to hold a conference in Beijing next month to discuss further cooperation in this field, according China’s official Xinhua news agency.