“China Yuan Gold Fix Is Part Of A Planned Shift From Dollar”: China’s Bocom…”gold in particular is one of the commodities that China is hoarding very hard.”
by Tyler Durden
ZeroHedge.com
04/20/2016
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.”
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