China saves up 30,000 tons of gold to topple US dollar from global reign
The Daily Coin
May 15, 2015
China is waiting for the right moment to remove the US dollar from economic reign. Once the US dollar loses its leadership, China plans to make the yuan world’s first currency.
According to Duowei News, to ensure its domination, China is saving up gold. According to unconfirmed reports, China already has about 30,000 tons of the precious metal.
If this is true, it means that China will be capable of brining the US dollar down in an instant.
Economic analyst Jing Zhou believes that in order to challenge such a powerful economy as that of the United States, one will need a very large amount of gold.
In addition, the Chinese authorities expect that the Chinese national currency will be added on the list of IMF reserve currencies that already includes the dollar, the euro, the pound sterling and the Japanese yen.
Thus, Beijing is getting ready to topple the US dollar by increasing its gold reserves. Noteworthy, Russia also sticks to a similar tactic: since 2005, the country has doubled its gold reserves. As of late 2014, Russia was ranked fifth in the world in terms of gold reserves.
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