China Launching Gold Backed Global Currency!

China May Launch a Gold Currency
by Charleston Voice - Knology
Published : November 23rd, 2012

:chinagold:



It was over a year ago that we reported on leaked US State Department internal cable from the Embassy in Beiging released by Wikileaks describing China’s plan to undermine the US Dollar hegemony by increasing China’s gold reserves.


From 2003 to 2009 China increased their gold reserves from 600 tonnes to 1054 tonnes by converting roughly $11 billion of USD reserves to gold. That’s the last time any official numbers have come out of China, but between discrepancies in reported imports, domestic production, and the fact that China does not allow gold exports, it’s estimated they could increase its reserves to 5000 tonnes by 2013.

According to the leaked cable this increase in China’s gold reserves was intended in part to strengthen the Chinese currency, the Renminbi, so that it can begin to replace the declining USD as the world reserve currency. But some recent rumblings indicate China may be launching a gold backed global currency.

cont'd:

[link to www.24hgold.com]