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The Economy: “China Says ‘No Dollars’ For New Yuan”

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“China Says ‘No Dollars’ For New Yuan”
“In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19.When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets. But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been “staggering.” And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade: The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars. But they won’t be able to dump them to China for the new gold-backed, Yuan! China has reportedly decided “there can be no conversion of gold-backed Yuan to or from US dollars.” What China fears is that many countries around the world will want to trade their reserve US dollars  for the new Yuan, leaving China with mountains of worthless US dollars. China already has several trillion in US dollar reserves and does not want or need more.
If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all? The upheaval this could cause as early as next week, would be staggering. This is a fast-developing story; check back.”


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    Total 37 comments
    • Zero

      Well, they do appear to be launching their own gold fix.. This does seem very concerning, but is it just fear-porn to get us all to take money out of the bank and actually make it worse somehow? Silver has been climbing for a few days..

      • ElOregonian

        I’m sorry, if you have not protected yourself against fiat currency by now… Well, the timer is in the process of going off and the time of preparation is quite frankly, over. Now is the time to be working on those last few things needed to button up your well prepared plans.

        • Boxed in Freight

          The link to this stunning news returns the following:

          invalid feed request
          Error 400

          And, there is no mention on Google News of any new Gold Backed Chinese Yuan which is coming.

          As far as I can tell, there are no news stories at all about this news story.

          I say Hooey Ballooey to this, and chalk it up to more BS. :lol: :lol: :lol:

          Go back to sleep Lind$ey William$ the Dollar ain’t dead yet.

          • Donnybrook

            There are other reports of this. Could be true. We will see. You get your news from Google???… :lol: :lol: :lol:

            • JJ

              Do you really think the major PM reporting sites like Zero Hedge, kingWorld, Goldseek, Sinclair, etc would have just missed this MAMMOTH news? No, the story is confusing the new gold fix with the Yuan being backed by gold… a very large error that might really hurt those who believe it. This would cause a massive hit to the value of the US dollar if true… it is not. Gold is still a great bet… but this sort of garbage reporting helps no one.

    • Anonymous

      Assuming that there is a relatively-stable amount of gold, and an unstable amount of paper, should a currency be backed by gold or paper.

      Without shilling for China, or calling China blameless, or even respectable, this decision happens to be utilitarian.

      • 2QIK4U

        Quite simply china has beaten u.s at it’s own game. At the end of WW2 china said they will take over the world without firing a single bullet.

        • Judge Roy Bean

          China is not go to to take over the world.

    • Pinto Beans

      If the USA would stop all imports from China, it would china to it’s knees.

      • LifeIs

        No, it wouldn’t. We’ve been giving them pieces of paper, in exchange for real goods. And those pieces of paper are becoming worthless to anybody.

      • Takealook

        All retail establishments in the US would shutter their doors because nothing is produced in the US except death and bombs to bring about death. Oh and pharmaceuticals that also bring about death. Great economy…..

      • Lone Ranger

        What…? Its the US that is on its knees… the dollar has no more value… what did you think the result of those “quantitive easing” money printing sprees would be… Trillions from thin air… no country can do that and get away with it as long as the US has.
        The wealthy elites took the opprtunity to stash the gold and prepare for this long ago… the rest will pay the price for their greed.

    • ItsEverywhere

      I can find NO RECORD of a New Gold Backed Yuan anywhere. Yes, they will be starting their own fix on the Shanghai Gold Exchange, but no word of them backing their currency with Gold. I call BS

      • LifeIs

        ItsEverywhere they’re pricing gold in yuan. Instead of US dollars. What follows from that is, it’s going to be an actual gold market. Instead of US dollar-denominated gold-on-paper.

        The price of actual gold will increase. And you’ll need yuan to buy it. It’s like the petrodollar. The yuan will be IN EFFECT gold-backed.

        • JJ

          Incorrect… there is no such thing as “in effect”… a currency is “gold backed”, or it is not. This story is confused… like you are. The IMF PROHIBITS any currency in their SDR basket from being backed at all with gold. China would have to withdraw from the recent addition of the Yuan to the SDR… and that makes ZERO sense.

        • JJ

          Incorrect… there is no such thing as “in effect”… a currency is “gold backed”, or it is not. This story is confused… like you are. The Yuan is not backed by gold and will not be any time soon. The IMF PROHIBITS any currency in their SDR basket from being backed at all with gold. China would have to withdraw from the recent addition of the Yuan to the SDR… and that makes ZERO sense.

    • EOD\'s

      Wow ! Roll on next Tuesday…

      Gonna be some serious celebrating around the world.






    • Scorpallain

      In the end every nation and people will reap what they have sown.

      • 2QIK4U

        Sooooo more coke from Colombia right?

    • Scorpallain

      So if China will no longer accept U.S. dollars for services or even transfers how are they supposed to trade with us?! Yippee!! No more third rate, toxic,unreliable,completely inferior Chinese goods !! Yay! Then maybe we can start making stuff back here in the U.S. and arrest hackers that steal U.S. information.

      • Lone Ranger

        It’s not that simple… With a greatly devalued dollar a home made paper clip will cost 10 USD.
        Those crappy Chinese made cell phones will be a Luxury item…

      • EOD\'s

        Wadya expect from the China’s when you pay them with billions of your valuless American paper money ?
        stuff that actually works i suppose ~ wot a wet dream your having….

        Didn’t mommy and daddy every teach you that you get what you ” Pay For “…..

        I Don’t thinks so girl ~
        You-all are going to summer FEMA camp….
        For special chemical injection experiment testing and a heads off experience…..

      • JohnSmith2016

        China is not refusing to accept US dollars. This article is 180 degrees off base.

    • 2QIK4U

      Because the American dollar really isn’t worth the paper it’s printed on. It’s inflated with lies and hot air, the world want’s thier money that you owe and printing more monopoly money just ain’t gonna cut it. Guees who you can thank?

    • Mongoose

      Isn’t almost every currency in the world fiat and backed by nothing? If true would this not also affect the value of all of the other fiat currencies?

    • eXChroma

      Just remember that China is still communist, and their citizens aren’t even legally allowed to think some things, let alone say them. Doesn’t matter if the world WAS owned by China; there is no way anyone in the West with a shred of dignity would but themselves under their rule lol. Much rather die.

      • xvision2012

        Same can be said about Russia, Iran and other nations that don’t have a Rothschild bank. Maybe they were scared by soros’ kind of ‘democracy’?

    • JohnSmith2016

      This article is just a pile of misinformation.
      China is not launching a new Yuan. It is not backing its currency with gold.
      They’re taking steps that will allow them to price gold transactions in Yuan. But so far, very few world banks have signed on to the idea. You can learn this in 60 seconds by reading any financial publication.

    • M

      Smart move and honestly you can’t blame them. The US dollar is worth less then the paper it’s printed on.

    • Dave 1963

      A guy name Sadam tried that and it didn’t work out too well for him. And I seem to remember another dictator in Libya that proposed a gold African Dinar. He’s dead too.

      The people that own our money and government probably won’t allow the Chinese to get too far with their challenge to dollar hegemony. And the upside is, war makes a lot of cash for our owners!

      • Mongoose

        China is no Iraq or Libya.

    • Mick

      China will still purchase the dollar. By the hundredweight, to fuel their power stations.

    • Bob DD

      Hey Dummies, China messing with us, ban all their imports? Classify it as a matter of National Security, just like Bush Jr did to ban release of 28 pages in Gov’t 911 report. See how much $$$ they have in their pockets then? OH wait a minute, our DC officials R bought & paid for by China.

      • 2QIK4U

        That’s what Trump say’s and your going to have as you won’t get an option, You’ll be lucky to afford a bowl of rice soon ! Payback’s a Bitch. #Trump is your country’s only hope. (Help me obiwankenobi)

    • Peaknikicki

      Having a yuan base benchmark does not equate to a gold backing of the currency.
      It can however influence global pricing but alone this is only marginal. Real price discovery will only happen if physical seller refuse to deliver at paper determined prices or when paper pushers cease selling paper gold out of fear of defaulting….or the most likely scenario, when we actually have real delivery defaults exposing the fractional nature of the gold market.

    • Pinto Beans

      Why would someone sell their gold and silver for papers dollars. Makes no sense if the paper is on its’ way to collapse :???: .

    • A Commentator

      So, China is now sitting on a little over 1600 tonnes of gold to back their magic world changing money.

      The US is still sitting in over 8000 tonnes.

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