China is at the centre of the discovery of what may be one of the biggest gold counterfeiting scandal in recent history.

According to a report in Zero Hedge, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan.

The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22 percent of China’s annual gold production
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