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Nationally they have > 1,800 tonnes[0] of the stuff as of 2017 – fifth in the world behind the US, Germany, Italy, France. Is that enough? Probably it would be
by igravious 9y ago
Nationally they have > 1,800 tonnes[0] of the stuff as of 2017 – fifth in the world behind the US, Germany, Italy, France. Is that enough? Probably it would be simpler to do the transaction electronically in yuan but I would understand if people wanted something a bit more tangible. So the question is then, are there precedents to this flavo(u)r of trading setup/arrangement?
[0] https://www.statista.com/statistics/267998/countries-with-the-largest-gold-reserves/ https://www.statista.com/statistics/267998/countries-with-th...
- fspeech 9y agoGold should just be an instrument of accounting. These exchanges are not the central bank and the central bank's holding is not very relevant. This should be meant to alleviate traders' concerns with capital control and RMB convertibility. While this scheme may facilitate trading in Shanghai as domestic speculators no longer need to deal with forex risk, the countries with large petrol surpluses still need to decide what currencies to ultimately hold.