Gold 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 me

Gold 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.