I can see there being enough bilateral trade between China and Russia for there never to be any need for anything other than currency being used. But what about Saudi Arabia as an example? The Saudis accept $US's and then invest in the US economy.... so the whole thing is easily offset and cycled. How would China accommodate Saudi Arabia in ways other than physical transfer of gold?
My supposition is the Petroyuan has to gain a broad acceptance [e.g. including the EU etc] before China can avoid actually swapping Yuan for physical gold. If that's true ... wouldn't that mean that China will have to be a substantial buyer of gold for the foreseeable future until they can transition to purely currency based transactions?
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