{"id":20220,"date":"2016-04-25T14:11:21","date_gmt":"2016-04-25T19:11:21","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20220"},"modified":"2016-04-25T14:11:43","modified_gmt":"2016-04-25T19:11:43","slug":"while-america-debates-the-20-bill-china-moves-closer-to-gold","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20220","title":{"rendered":"While America Debates the $20 Bill, China Moves Closer to Gold"},"content":{"rendered":"

While America Debates the $20 Bill, China Moves Closer to Gold<\/a><\/h3>\n
\n

On Wednesday, Jack Lew announced that the US Treasury was following\u00a0Ben Bernanke\u2019s advice<\/a>\u00a0and keeping Alexander Hamilton on the $10, instead deciding to bring Harriett Tubman to the $20. While Lew\u2019s news left America distracted in\u00a0debate over whose portrait<\/a>\u00a0should grace the Federal Reserve\u2019s most popular bank note,\u00a0Zerohedge was highlighting<\/a>\u00a0how China was taking important steps to distance themselves from the dollar.<\/p>\n

Earlier this week,\u00a0Reuters reported China taking<\/a><\/em>\u00a0the bold step of launching a yuan-denominated gold price. Reuters noted:<\/p>\n

As the world’s top producer, importer and consumer of gold, China has baulked at having to depend on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold.<\/p>\n

The new benchmark may not be an immediate threat to London, but industry players say over time China could set the price of the metal, especially if the yuan become fully convertible.<\/p><\/blockquote>\n

During an interview with\u00a0Bloomberg TV<\/a>\u00a0Hao Hong, managing director and chief China strategist with Bocom International, one of China\u2019s largest banks, put it more bluntly:<\/p>\n

By trading physical gold in renminbi, China is slowly chipping away at the dominance of US dollars….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, we actually require less US dollars.<\/p><\/blockquote>\n

Of course the true measure of China\u2019s gold holdings is still a closely guarded secret by the Chinese government. While the country has taken steps to increase transparency in its reserved reporting, which bolstered\u00a0their successful campaign to have the yuan<\/a>\u00a0factored into the IMF\u2019s Special Drawing Rights,\u00a0James Rickards explains<\/a>:<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

While America Debates the $20 Bill, China Moves Closer to Gold On Wednesday, Jack Lew announced that the US Treasury was following\u00a0Ben Bernanke\u2019s advice\u00a0and keeping Alexander Hamilton on the $10, instead deciding to bring Harriett Tubman to the $20. While Lew\u2019s news left America distracted in\u00a0debate over whose portrait\u00a0should grace the Federal Reserve\u2019s most popular […]<\/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":[61,68,130,366,374,1183,6162,7617,536,683,13620,1031,4318],"class_list":["post-20220","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banking","tag-ben-bernanke","tag-china","tag-global-economy","tag-gold","tag-gold-standard","tag-jack-lew","tag-mises-institute","tag-money","tag-reuters","tag-tho-bishop","tag-yuan","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20220","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=20220"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20220\/revisions"}],"predecessor-version":[{"id":20222,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20220\/revisions\/20222"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}