- China To Launch A Yuan-Based Gold Fix By Year-End
China has been quite reserved about commenting on the extreme corruption and fraud which pervades the west hemisphere’s Governments, Central Banks and financial markets, especially as it regards the United States and its flagrant manipulation of the currency and precious metals markets. But China has been quite active with diversifying its sources of revenues and foreign reserves out of the U.S. dollar and in to alternative currencies and hard assets.
Follow the money: The Shanghai Gold Exchange has announced that it intends to roll-out a renminbi-denominated fix by the end of the year. The plan is now being reviewed by the Central Bank (the PBoC) for approval:
Pan Gongsheng, a deputy governor of the People’s Bank of China (PBOC), said the bank would continue to support “speedy and healthy growth of the China gold market” and its internationalisation.
Here’s a link to the report: China’s Yuan-denominated Gold Fix