**Signals to watch** - Sudden step‑ups in China’s reported …

**Signals to watch**
- Sudden step‑ups in China’s reported reserves (reclassification from other state entities to PBoC).
- Growth of allocated gold settlement infrastructure in Shanghai, Moscow, or Gulf hubs; bilateral commodity deals priced or collateralized in gold terms.
- BRICS/Shanghai Cooperation Organization pilots of a gold‑referenced settlement unit for official use.