China’s Yuan Set To Become Global Reserve Currency With Gold Backing?

from Gold Core: John Butler in his book ‘Golden Revolution’ and Jim Rickards in his book ‘Currency Wars’ have warned that China and or Russia could move to back their currencies with gold which would then lead to the U.S. and EU having to follow suit in order to prevent currency crises thereby leading to a new gold standard. According to media reports, the People’s Bank of China is considering phasing out the dollar as the reference currency or peg for the yuan, and to start using gold as the reference point. The reports have not been confirmed officially, but there has been official comments to that effect in recent years and Chinese academics have advocated backing the renminbi or yuan with gold. Read More @ GoldCore.com



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