This is a gold coated silver hammer antique anklet worn by the Nyonya from Penang. This piece is hollow in the middle beautifully hand hammered which can be open on one end with a screw and the other side is joined with a sealed with a movable rod. Notice closely at the 2 nyonya baba legs where the anklets are worn. 
Click on the image to see details.
You can read more details on Nyonya Baba
Related posts:
Most informational Book on Decorative Motifs on Chinese Antiques Ceramics ~ James Downing
on Jan 16th, 2008 at 6:51 pm
Make love, not war!
on Jun 4th, 2008 at 4:26 am
I read similar article also named All about Asian China antique collectible, and it was completely different. Personally, I agree with you more, because this article makes a little bit more sense for me