{"id":20061,"date":"2016-04-20T13:25:19","date_gmt":"2016-04-20T18:25:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20061"},"modified":"2016-04-20T13:25:19","modified_gmt":"2016-04-20T18:25:19","slug":"china-yuan-gold-fix-is-part-of-a-planned-shift-from-dollar-chinas-bocom","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20061","title":{"rendered":"&#8220;China Yuan Gold Fix Is Part Of A Planned Shift From Dollar&#8221;: China&#8217;s Bocom"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2016-04-20\/china-yuan-gold-fix-part-planned-shift-dollar-chinas-bocom\">&#8220;China Yuan Gold Fix Is Part Of A Planned Shift From Dollar&#8221;: China&#8217;s Bocom<\/a><\/h3>\n<div class=\"tabs\"><a href=\"http:\/\/www.zerohedge.com\/news\/2016-04-19\/china-launches-yuan-gold-fix-exert-more-control-over-price-gold\">China&#8217;s shift to an official local-currency-based gold fixing<\/a>\u00a0is &#8220;the culmination of a two-year\u00a0<strong>plan to move away from a US-centric monetary system,<\/strong>&#8221; according to Bocom strategist Hao Hong. In an insightfully honest Bloomberg TV interview, Hong admits that &#8220;by trading physical gold in renminbi, China is slowly\u00a0<strong>chipping away at the dominance of US dollars<\/strong>.&#8221; Gold, silver, and petroleum &#8220;are the three USD-based commodites that China wants most control of&#8221; according to Hong but\u00a0<strong><em>&#8220;gold in particular is one of the commodities that China is hoarding very hard.&#8221;<\/em><\/strong><\/div>\n<div class=\"node\" data-mediaconductor-processed=\"true\">\n<div class=\"content\">\n<p><iframe loading=\"lazy\" src=\"http:\/\/www.bloomberg.com\/api\/embed\/iframe?id=64EPashkTsu6A~duhSSxMg\" width=\"560\" height=\"315\" frameborder=\"0\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Finally, as Hong explains above, for those who suggest that China will never dump Treasuries or &#8216;hurt&#8217; the dollar, since they hold so much dollars on their balance sheet, things are chganging rapidly &#8211;\u00a0<em>&#8220;The gold reserve on the China balance sheet has almost doubled since 2009. By holding gold, and moving away from a US-dollar centric system,<strong>\u00a0we actually require less US dollars<\/strong>.&#8221;<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;China Yuan Gold Fix Is Part Of A Planned Shift From Dollar&#8221;: China&#8217;s Bocom China&#8217;s shift to an official local-currency-based gold fixing\u00a0is &#8220;the culmination of a two-year\u00a0plan to move away from a US-centric monetary system,&#8221; according to Bocom strategist Hao Hong. In an insightfully honest Bloomberg TV interview, Hong admits that &#8220;by trading physical gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,374,647,675,730,827,1031,4318],"class_list":["post-20061","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-gold","tag-precious-metals","tag-renminbi","tag-silver","tag-united-states","tag-yuan","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20061"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20061\/revisions"}],"predecessor-version":[{"id":20062,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20061\/revisions\/20062"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}