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Is China using gold to internationalize the yuan?
CNBC ^ | 02/12/2014 | Dhara Ranasinghe

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 ...


TOPICS: Business/Economy
KEYWORDS: china; chinagold; currency; dollar; gold; yuan

1 posted on 02/13/2014 7:05:30 AM PST by Rusty0604
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To: Rusty0604

We lost the real value of our money when we went off the gold standard.


2 posted on 02/13/2014 7:09:41 AM PST by Mmogamer (I refudiate the lamestream media, leftists and their prevaricutions.)
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To: Rusty0604
Chinese gold:


3 posted on 02/13/2014 7:26:47 AM PST by cuban leaf
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To: Mmogamer

I agree!


4 posted on 02/13/2014 7:33:10 AM PST by plainshame
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To: Rusty0604

Will Øbama invade China and install a new regime to get them back in line with the U.S. economic policy ?


5 posted on 02/13/2014 7:45:10 AM PST by ▀udda▀udd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
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To: Rusty0604

Does a Bear..... in the woods?


6 posted on 02/13/2014 8:41:13 AM PST by GraceG
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To: Mmogamer

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.


7 posted on 02/13/2014 9:10:34 AM PST by quantumman
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