"China's push to challenge US dominance in global trade and finance may involve gold – a lot of gold."While the metal is no longer used to back paper money, it remains a big chunk of central bank reserves in the US and Europe. China became the world's second-largest economy in 2010 and has stepped up efforts to make the Yuan a viable competitor to the Dollar. That's led to speculation the government has stockpiled gold as part of a plan to diversify $3.7 trillion in foreign-exchange reserves."China may be preparing to update its disclosed holdings because policy makers are pressing to add the Yuan to the International Monetary Fund's currency basket, known as the Special Drawing Right, which includes the Dollar, Euro, Yen and British pound. The tally may come before the IMF's meetings on the SDR next month or in October, Nomura Holdings Inc. said in an April 8 report."