Ann: Greater Westralia Mining Area - Mineral Resource Update, page-173

I don't think China will want to corner the market. They are too smart to want to do that. If all the gold ends up in China, then the rest of the world will just give up on gold and move to other commodity (perhaps platinum) as a currency replacement. China will probably want to increase its gold holding to perhaps 10,000 to 12,000 tonnes just a shade higher than US holding of 8,000 tonnes to tell the world that there is a new and bigger guy in town to take over the lead in the financial world.
If and when China is ready to offer the Chinese Yuan as the alternative, then it is quite likely to be in the form of its digital currency and following that it will then reveal its gold holding and perhaps to offer the digital Yuan as the alternate reserve currency backed up partially by gold (James Rickard's proposal). However before that happen, I would expect China would want to see a sharp valuation of gold price and therefore the possibility of gold heading into the US$5,000 to US$10,000 is a distinct possibility. In summary there are two tailwinds on GP:

1) Inflation in US.
2) Potential push behind the scene by China by a temporary surge in buying up the gold or just the proposal to fully back up their digital Yuan with gold will set off the sharp rise in GP.

Cheers. IMHO