India, China close $100 billion in gold, diamonds and platinum as part of China-India deal

New Delhi: The world’s biggest economies will continue to work together to boost economic growth as the world’s two biggest economies, India and China, have signed an accord to boost the flow of gold, diamond and platinum into each other’s markets, India’s commerce minister said on Monday.

Indian commerce and industry minister Nirmala Sitharaman said in a speech to the Indian National Mint in New Delhi that the agreement was signed between the two largest economies of the world to provide for the flow into each country of up to $100bn of foreign currency held by both countries, including gold, gold and diamond, as well as platinum.

The deal comes amid heightened tensions between the U.S. and China over the disputed South China Sea, where the two have built artificial islands in the contested waters.

India and China have long maintained that their economies are separate and they have always insisted that trade does not involve the use of force.