China sees new world order with oil benchmark backed by gold- Nikkei Asian Review

KW: “China’s move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.” The move indicates that China is leading the world back to something reminiscent of a gold standard. Chinese oil demands alone dwarf the total trade in global physical gold. A world moving toward a China-centered gold standard is a world moving away from U.S. leadership. China and its yuan-oil-gold transition are about to change the global monetary game.

Source: China sees new world order with oil benchmark backed by gold- Nikkei Asian Review