April 21, 2016

"China Yuan Gold Fix Is Part Of A Planned Shift From Dollar": China's Bocom

China's shift to an official local-currency-based gold fixing is "the culmination of a two-year plan to move away from a US-centric monetary system," according to Bocom strategist Hao Hong. 

In an insightfully honest Bloomberg TV interview, Hong admits that "by trading physical gold in renminbi, China is slowly chipping away at the dominance of US dollars." Gold, silver, and petroleum "are the three USD-based commodites that China wants most control of" according to Hong but "gold in particular is one of the commodities that China is hoarding very hard." Read more + video.

Zero Hedge

Related,
China Starts Gold Fixing to Expand Global Market Sway (video) - Bloomberg
China Launches Yuan Gold Fix To "Exert More Control Over Price Of Gold" (video) - Zero Hedge

China says “no dollar" for new yuan - InvestmentWatch
China's yuan gold benchmark to launch with 18 members -source - Reuters

Deutsche Bank Turns on the Gold-fix Cartel - NEO
Is This The End Of The U.S Dollar? (video) - WAC

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