Skip to comments.Is China using gold to internationalize the yuan?
Posted on 02/13/2014 7:05:29 AM PST by Rusty0604
Concerns about high debt and an overvalued currency are sucking gold imports into China, according to a new report from Lombard Street Research.
It adds that the authorities may possibly be moving in the direction of using gold in a plan to make the yuan an international currency.
China's official reserves of gold stand at 1,054 metric tons, that's worth about $45 billion. This figure has not been updated since 2009 and Lombard says the number may not be accurate because since that last update imports of gold and domestic production amount to over 4,500 metric tons.
(Excerpt) Read more at finance.yahoo.com ...
We lost the real value of our money when we went off the gold standard.
Will Øbama invade China and install a new regime to get them back in line with the U.S. economic policy ?
Does a Bear..... in the woods?
Nixon did it, i.e., took us off the gold standard. Obama compared himself to Nixon the other day saying Nixon was more liberal than he - maybe. The Chinese take the long view (thousands of years) in economic, political and cultural terms and are way smarter as a group than we are. I would take gold backed yuan in a trade over dollars any day.