Yuan Oil Contract, page-65

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10/04/18

20:19

Post #: 32358628
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Originally posted by Dazedandconfused ↑

Hi aldo

At the moment, I think it is in China's interest to maintain a high value for the $US as much as it is for the US itself. I don't believe they will be doing anything which radically alters the status quo.

That said... undoubtedly, the INE is all about being less reliant on the $US. Over the last several years China has replicated the entire suite of financial organizations tied to the dominance of the $US ... from the SWIFT platform all the way through to the rest. There can be no doubting their long term ambition is to grow these institutions in their scope and influence. The INE is possibly a precursor to exchanges for things like coal and iron ore etc. I think, on balance, I agree with you that China is pragmatic. We will see China gradually reduce its UST holdings but they will do so in a manner which does not disrupt international trade nor which can be overtly criticized by the US.

What I would like to focus on, however, is the topic heading of this thread. What role is gold playing in this for China? Is their use of gold a real underpinning for the Yuan or is it a short term ploy to create credibility. If it is a genuine policy then how will that affect gold if the World replaced the $US with perhaps something like a basket of currencies as the reserve?

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https://www.cnbc.com/2017/10/24/pet...one-dollar-rmb-denominated-oil-contracts.html
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Yuan Oil Contract, page-65

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