China Yuan Gold Fix Is Part Of A Planned Shift From The US Dollar

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China Yuan Gold Fix Is Part Of A Planned Shift From The US Dollar

China Yuan Gold Fix Is Part Of A Planned Shift From The US Dollar

China’s change to an central local-currency-based bullion regulating is “the perfection of a two-year plan to pierce divided from a US-centric financial system,” according to Bocom strategist Hao Hong. In an insightfully honest Bloomberg TV interview, Hong admits that “by trade earthy bullion in renminbi, China is solemnly chipping divided during a prevalence of US dollars.” Gold, silver, and petroleum “are a 3 USD-based line that China wants many control of” according to Hong though “gold in sold is one of a line that China is hoarding really hard.”

Finally, as Hong explains above, for those who advise that China will never dump Treasuries or ‘hurt’ a dollar, given they reason so most dollars on their change sheet, things are changing fast – “The bullion haven on a China change piece has roughly doubled given 2009. By holding gold, and relocating divided from a US-dollar centric system, we indeed need reduction US dollars.”

 

 

 

Courtesy: Zerohedge

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