Did China ever wind up launching the gold-backed Yuan, or did that turn out to be BS?
china bump
I usually only answer flat chested 2hus, but I'll make an exception. It was mostly a meme. They are trying to control the price, but it wasn't the economic warfare that the gold faggots were pumping it as. http://www.reuters.com/article/china-gold-fix-idUSL3N17G1Z5
They certainly aren't retarded enough to give up fiat. Only scam sites and blogs say otherwise.
>>1252336
Is this what you're talking about?
>http://www.cnbc.com/2016/04/19/china-launches-yuan-gold-fix-in-bid-to-be-price-maker.html
I saw a thread on /pol/ about it. They thought China were moving to a gold standard-which is not the case.
>>1252349
Interesting. I am not sure what the difference between this benchmark is and fiat, can you explain to a dumb cowtits lover?
>>1252357
>. I am not sure what the difference between this benchmark is and fiat
There isn't a difference.
>>1252357
They are trying to tie the price of gold to the Yuan because they don't like having to buy it in foreign currency, even though they are the largest consumer. This is about controlling the price of gold, not letting gold control the price of the Yuan.
They aren't using gold to back the Yuan, because that would be retarded, they isn't enough gold in the world to do that at cutrent prices, and the state would largely be giving up control of their money supply to whatever African warlord that can enslave enough niggers to get a gold mine operational for a while.
It's not really that big of a deal. Prices outside of the Yuan will get more volatile as they depend to a certain degree on an additional exchange rate.
