Written by John O’Donnell, Online Trading Academy
Chart of the Week 14 November 2016
China wants the yuan to have ‘a seat at the table’ of global primary exchange currencies. In anticipation that global currency reserves will move away from exclusive use of the dollar to a basket of currencies, China wants the yuan renminbi to join that basket, along with the euro, pound, yen and the dollar. To that end, they have been accumulating gold reserves totaling several thousand metric tonnes.
China’s accumulation of gold is discussed in video after the Read more >> jump.