OWON: This is coming for better or for worse. It will mean to a laid back stupefied world that China has a store of gold much greater than what is reported. What will be interesting is how it plays for the rest of the fiat currencies given that the curriculum of currency hubs established that has strict protocol for trading say dollars for yuan as to origin. Forget derivative originated money for exchange as an example. Toilet paper.
One might imagine a serious liquidity squeeze in various currencies where printed currency cannot be transferred into gold backed Yuan. Because then every holding in non convertible currency against the Yuan would have a fiat value as opposed to a convertible gold value in Yuan and therefore be worthless to hold in comparison. That will rip the Butt of the DC and Wall Street Hymies. We could see a 30 % or more devaluation in USD which would cause tremendous upheaval. Should this be the case much will happen before that date. And no doubt such a move will flatten the tires of most central banks who have adopted printing as a solution to historical mistakes and current foolishness.
Yanks will roll out their tanks. But can't fund the fuel to run them now.
When the US takes a 30% living standard cut, who will carry the illegals then?
Starting with the Kenyan Rug Rat.
China plans to launch Yuan-denominated gold fix on April 19 – sources
The Bullion Desk
By Meimei Qin
25 February 2016
(Updated to include background on banks that may participate in the yuan-denominated fixing)
London 25/02/2016 – China plans to launch its new yuan-denominated gold pricing fix on April 19 this year, sources familiar with the matter said on Thursday.
The launch date has been officially settled and draft trading rules have been sent out to those banks that will be involved in the Shanghai fixing, FastMarkets understands.
The banks that will participate in the planned launch are predominantly Chinese but FastMarkets understands that foreign banks could also be involved, according to sources.
It is likely that the 10 banks that are official market makers in the system set up by the SGE in January to facilitate interbank gold trading will participate in the yuan-denominated fixing, one source said.
Most Chinese banks in the list of ‘official’ market makers probably will be involved in the fix, the source noted, alongside one foreign bank.
The 10 ‘official’ market makers are ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China CITIC Bank, China Merchants Bank, Industrial Bank Co, Bank of Ningbo and ANZ (China).
The SGE is looking to bring more foreign banks on broad, a well-informed source said.
The new benchmark will be run through the state-owned Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange.
The SGE declined to comment.
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