China's New Gold-Backed Currency...Maybe

Discussion in 'Financial Cents' started by Silversnake, Sep 5, 2012.

  1. Silversnake

    Silversnake Silverback

  2. oldawg

    oldawg Monkey+++

    I've read that a few places.Maybe,maybe not but wouldn't it make sense from their point of view? IDK
  3. TheEconomist

    TheEconomist Creighton Bluejay

    HA! This would be TERRIBLE for China. They would no longer be able to manipulate their currency. China has been artificially holding down the value of its currency, the renminbi, to gain trade advantages. A cheaper renminbi makes Chinese goods less expensive when they are shipped to the United States. It also makes American goods more expensive in China. Both could increase America’s trade deficit with China, which is on pace to reach a record high this year.

    Renminbi begets Yuan (Yuan is its primary unit)


    anything that cites: "According to an article"

    With nothing else is crap
    Marck and Brokor like this.
  4. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Great FUD article to stir the pot with.
    As soon as oil contracts are no longer dollar denominated. Then the ride will begin! That will be the time to keep your hands and feet inside the ride!
  5. Silversnake

    Silversnake Silverback

  6. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Sorry, Fear. Uncertainty. Doubt.
    Great tools to rile up a group.
  7. Silversnake

    Silversnake Silverback

    Roger, thanks.
  8. HK_User

    HK_User A Productive Monkey is a Happy Monkey

    Yeah well Saudies and other Arabs tried to set up a gold based paper money.

    No takers.
  9. TwoCrows

    TwoCrows Monkey++

    I agree with TheEconomist, the Chinese could end up buying cheap manufactured goods from others, because theirs would be too costly. [lolol]
  10. HK_User

    HK_User A Productive Monkey is a Happy Monkey

    That's not how it works in the real world. Their currency and its printed value would be backed by their gold hoard.

    Don't look for any locally traded (OTC) gold certificates.
  11. Gator 45/70

    Gator 45/70 Monkey+++

    Read that Putin was doing the same...
    Myself..I buy into oilwell's and pipeline's...
  12. devastator

    devastator Monkey

    This doesn't mean they're not going to continue to engage in inflationary practices. China still stands to go bust, but mayhaps not as bad as the West.
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