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Alasdair Macleod: China is Now Overtly Pushing for the US Dollar to be Replaced as the World’s Reserve Currency!

October 22, 2013 by mosesman

China_Gold

  • China and gold ! 
    by Alasdair Macleod, http://www.goldmoney.com/ 
    China is now overtly pushing for the US dollar to be replaced as the world’s reserve currency.
    –
    Xinhua, China’s official press agency on Sunday ran an op-ed article which kicked off as follows:
    “As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world.”
    –
    China does have a broad strategy to prepare for this event. She is encouraging the creation of an international market in her own currency through the twin centres of Hong Kong and London, side-lining New York, and she is actively promoting through the Shanghai Cooperation Organisation (SCO) non-dollar trade settlement across the whole of Asia. She has also been covertly building her gold reserves while overtly encouraging her citizens to accumulate gold as well.
    –
    There can be little doubt from these actions that China is preparing herself for the demise of the dollar, at least as the world’s reserve currency. Central to insuring herself and her citizens against this outcome is gold. China has invested heavily in domestic mine production and is now the largest producer at an estimated 440 tonnes annually, and she is also looking to buy up gold mines elsewhere. Little or none of the domestically mined gold is seen in the market, so it is a reasonable assumption the Government is quietly accumulating all her own production without it becoming publicly available.
    –
    Recorded demand for gold from China’s private sector has escalated to the point where their demand now accounts for significantly more than the rest of the world’s mine production. The Shanghai Gold Exchange is the mainland monopoly for physical delivery, and Hong Kong acts as a separate interacting hub. Between them in the first eight months of 2013 they have delivered 1,730 tonnes into private hands, or an annualised rate of 2,600 tonnes.
    –
    read more!

end

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One comment

  1. screenshot says:
    October 22, 2013 at 6:27 am

    Reblogged this on Blue Vault 999.

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