{"id":57485,"date":"2021-04-16T08:53:19","date_gmt":"2021-04-16T13:53:19","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57485"},"modified":"2021-04-16T08:53:19","modified_gmt":"2021-04-16T13:53:19","slug":"is-china-preparing-a-gold-backed-yuan-beijing-greenlights-purchases-of-billions-in-bullion","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57485","title":{"rendered":"Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/markets\/china-readying-gold-backed-yuan\">Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p>In 2018, the\u00a0<strong><a href=\"https:\/\/schiffgold.com\/key-gold-news\/gold-backed-yuan-denominated-oil-futures-dethrone-us-petrodollar\/\">Chinese launched a gold-backed, yuan-denominated oil futures contract<\/a><\/strong>.\u00a0\u00a0These contracts were priced in yuan, but convertible to gold, raising the prospect that \u201cthe rise of the <strong>petroyuan\u00a0could be the death blow for the dollar.<\/strong>\u201d<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/geopolitical\/us-dollars-status-dominant-global-reserve-currency-drops-25-year-low\">Two weeks ago<\/a>, The IMF reported that the <strong>global share of US-dollar-denominated exchange reserves dropped to 59.0%<\/strong> in the fourth quarter, according to the IMF\u2019s COFER data released today. This <strong>matched the 25-year low of 1995<\/strong>.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/Global-Reserve-Currencies-USD-share-annual-2020-4q-_0.png?itok=W9FXNfcj\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/Global-Reserve-Currencies-USD-share-annual-2020-4q-_0.png?itok=W9FXNfcj\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/Global-Reserve-Currencies-USD-share-annual-2020-4q-_0.png?itok=W9FXNfcj\" alt=\"\" width=\"500\" height=\"414\" data-entity-type=\"file\" data-entity-uuid=\"df4d466f-b5aa-4945-9d23-fe3bc0d956e4\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<div class=\"Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb\">\n<aside id=\"in-content-video\" class=\"\" data-google-query-id=\"CMqV2fjzgvACFeKAWgUdCnwMvA\">\n<div id=\"google_ads_iframe_\/21841313772\/zerohedge\/in_content_video_0__container__\" class=\"primisslate\">\n<div id=\"primis_container_div\">\n<div id=\"primis_playerSekindoSPlayer607995dfd5d85\">\n<div id=\"Player-Div-SekindoSPlayer607995dfd5d85\">\n<div id=\"Video-Div-SekindoSPlayer607995dfd5d85\">\n<div id=\"Video-iFrame-SekindoSPlayer607995dfd5d85\">\n<div id=\"videoContainerDiv\">\n<div>\n<div>And<a href=\"https:\/\/www.zerohedge.com\/crypto\/chinas-digital-yuan-comes-expiration-date\"> just last week<\/a>, <strong>China became the first major economy to unleash a Central Bank Digital Currency,<\/strong> &#8220;cementing its trailblazer status in virtual currencies far ahead of other countries,\u00a0after already recently experimenting with large-scale trials of actual payments by consumers, which was met with mixed results.&#8221;<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<p>Also <a href=\"https:\/\/www.zerohedge.com\/crypto\/pro-crypto-peter-thiel-warns-bitcoin-could-be-chinese-financial-weapon-against-us\">last week<\/a>, Peter Thiel warned <strong>&#8220;Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US<\/strong>&#8230; It threatens fiat money, but it especially threatens the U.S. dollar.&#8221;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm4DEF%20%281%29.jpg?itok=co_D7f64\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm4DEF%20%281%29.jpg?itok=co_D7f64\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm4DEF%20%281%29.jpg?itok=co_D7f64\" alt=\"\" width=\"500\" height=\"263\" data-entity-type=\"file\" data-entity-uuid=\"a52f8fbc-cd4f-47fa-ae7d-de08d70c6566\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>All of which sets the stage for the dramatic headlines that hit this morning, as <a href=\"https:\/\/uk.sports.yahoo.com\/news\/exclusive-china-opens-borders-multi-095540747.html?guccounter=1\">Reuters reports<\/a> that China has given domestic and international banks permission to import large amounts of gold into the country,<\/p>\n<blockquote><p><strong>The People&#8217;s Bank of China (PBOC), the nation&#8217;s central bank, controls how much gold enters China through a system of quotas given to commercial banks.<\/strong>It usually allows enough metal in to satisfy local demand but sometimes restricts the flow.<\/p>\n<p>In recent weeks it has given permission for large amounts of bullion to enter, the sources said.<\/p>\n<p><em><strong>&#8220;We had no quotas for a while. Now we are getting them &#8230; the most since 2019,&#8221;<\/strong><\/em>said a source at one of the banks moving gold into China.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion In 2018, the\u00a0Chinese launched a gold-backed, yuan-denominated oil futures contract.\u00a0\u00a0These contracts were priced in yuan, but convertible to gold, raising the prospect that \u201cthe rise of the petroyuan\u00a0could be the death blow for the dollar.\u201d Two weeks ago, The IMF reported that [&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":[124,130,309,374,1947,536,2914,2615,839,4318],"class_list":["post-57485","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-china","tag-fiat-currency","tag-gold","tag-gold-backed-currency","tag-money","tag-pboc","tag-peoples-bank-of-china","tag-us-dollar","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57485","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=57485"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57485\/revisions"}],"predecessor-version":[{"id":57486,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57485\/revisions\/57486"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}