China to buy $90 billion gold vault in London

The Chinese state-owned ICBC Standard Bank (IDCBF), the world's biggest bank by assets, has agreed to buy Barclays precious metals storage business, including its state-of-the-art storage facility in London.

The deal will boost China's access to London's gold market, and expand the country's role in the gold business.

The vault is in a secret location in London, and can store 2,000 tonnes of gold and other precious metals. At current prices, up to $90 billion worth of gold could be stored inside.

Read More: http://money.cnn.com/2016/05/16/news/china-buys-london-gold-vault/index.html