DYOR...
For the first question follow the trail...
- https://www.bullionstar.com/blogs/koos-jansen/the-chinese-gold-market-essentials-guide/
- https://www.bullionstar.com/blogs/k...ullionstars-analysis-on-gold-export-to-china/
- https://www.bullionstar.com/blogs/koos-jansen/china-gold-import-jan-sep-777t-whos-supplying/
- See raw data ABS (Australian Bureau of Statistics) data to verify.
RMB is officially a reserve currency:
- http://fortune.com/2016/10/02/china-yuan-imf-currencies/
- See IMF website to verify
If they backed the RMB by gold they would risk a massive sale of all their gold and then what happens when they have no gold left?
- It is a slight of hand... It is a sure way that they can convince oil producers (mainly the Saudi Arabia)to accept RMB instead of USD. Chinas main goal is to buy oil in its own terms and not have to rely on having USD... You are looking at it from a retail perspective, it is Not for retail mugs like us. They are prone to panics and would demand gold. It's only for those who particiate on the shanghai exchange so the risk of gold run is non-existent.
- https://www.livetradingnews.com/china-has-launched-its-gold-backed-petroyuan-80242.html#.W3DX5OgzaUk
- https://www.bloomberg.com/news/arti...er-yuan-oil-futures-begin-trading-in-shanghai
Fundamentals haven't changed, page-653
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