China will become one of the largest repositories of gold bullion in London.
Chinese state-owned bank ICBC Standard (IDCBF), the world's largest bank by assets, approved the purchase of precious metals business of Barclays in, including its store in London.
The deal will increase the access to China's gold market in London, as well as expand the role of the country in the "gold" business.
Storage is in a secret location in London, and up to 2 000 tonnes of gold and other precious metals. The current prices can be stored within the repository of gold worth up to $ 90 billion. Financial details of the sale were not disclosed.
Largest conglomerate Barclays (BCLYF) previously announced the withdrawal of precious metals business.
London is the largest wholesale market in the world of OTC gold trading volume, from $ 5 trillion bids precious metal taking place there every year. The precious metal traded in London over 300 years.
But China dominates in terms of actual physical gold trading. Gold imports into China increased by more than 700% since 2010, the country has overtaken India and has become the world's largest consumer of gold in 2013.
China currently consumes about 40% of the gold.