China Becoming Global Gold Hub And Gold Price Discovery Centre
by GoldCore on 08/20/2014 05:09 -0400
Shanghai Gold Exchange Launching International Bullion Exchange In Yuan Next Month
China is moving closer to positioning itself as the physical gold trading hub of the world and the world’s gold price discovery centre. It is a natural progression for the largest economy in the world and for the world’s largest gold buyer, importer and indeed producer.
The Shanghai Gold Exchange (SGE) is launching its yuan denominated international bullion trading exchange next month. This is another important step in internationalising the yuan or renminbi and positioning it as an alternative global reserve currency.
|(AK NOTE: Interesting chart of six monetary "phoenix"-ings of the financial |
system since 1450... now the attempt to make China the Global Reserve currency...)