China's State-Owned Banks, ANZ, Standard Chartered to Join Yuan Gold Benchmark Read

[JohnQPublic]

China's State-Owned Banks, ANZ, Standard Chartered to Join Yuan Gold Benchmark (http://www.chinatopix.com/articles/83019/20160414/chinas-state-owned-banks-anz-standard-chartered-join-yuan-gold.htm)
Top Chinese banks as well as Standard Chartered and ANZ will join the latest yuan-dominated gold benchmark, representing China's biggest step towards becoming metal's price setter, according to Reuters.

China has thwarted its dollar price investment in overseas transactions, believing that its role as the world's top producer, importer and consumer of gold, qualifies it as the price setter for gold.

However, the yuan gold fix, which is expected to officially launch on April 19, does not pose direct threat to London's and New York's gold pricing. Furthermore, it could give Asia more power especially if China's currency becomes widely convertible...

[Shami-Amourae]

http://img.4plebs.org/boards/pol/image/1460/93/1460931658672.png

/pol/ thread (Good read, has a wealth of info):
http://archive.4plebs.org/pol/thread/71258881

Why is no-one talking about this? China plan to introduce a new gold-backed currency in 2 days which will be non-exchangeable with USD.

>China hoards huge amounts of gold bullion for years.

>World has choice of a new currency to use for international trade; US Dollar backed by nothing, or the new Chinese Yuan backed by gold.

>Countries forced to use US Dollars for decades, as well as OPEC, have billions of dollars in their foreign currency reserves which can now be dumped.

>Main fear for China introducing new Yuan is that many countries around the world will trade their reserve US dollars for the new Yuan, leaving China with mountains of worthless US dollars even though China has several trillion in US dollar reserves it does not want or need.

>China has decided “there can be no conversion of gold-backed Yuan to or from US dollars.” to circumvent this problem.

Is this the inevitable collapse of the US Petrodollar?

http://img.4plebs.org/boards/pol/image/1460/93/1460934114087.jpg

[Shami-Amourae]

https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/chinas-coming-gold-fix-april-19th-2016/

TLDR: China is trying to become the reserve currency of choice for the East. They're unlikely to immediately dump dollar reserves but doing this gives them the possibility.

It's another step in de-commifying their currency.

[Shami-Amourae]

http://img.4plebs.org/boards/pol/image/1460/93/1460935015991.jpg

[Neuro]

http://img.4plebs.org/boards/pol/image/1460/93/1460935015991.jpg

That looks like a stable healthy market. I think I will trade physical for paper gold! ;D

This is the holy grail of alchemy really. The banksters managed to make gold out of digital promises.

[mick silver]

hey neuro how about if I print you some paper up and trade you for your real gold would that make you happy

[Shami-Amourae]

https://www.youtube.com/watch?v=_VuwPQxB-g8