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China since 2016 has signed bilateral agreements with several oil-producing nations to receive payments in yuan backed by gold. This bypasses the need for the "
by ak39 7y ago
China since 2016 has signed bilateral agreements with several oil-producing nations to receive payments in yuan backed by gold. This bypasses the need for the "petrodollar". This is the most likely reason for China's recent insatiable demand for gold.
- vishnugupta 7y agoMy "naive" theory for China to do this is that it's working towards making Yuan an alternate currency for countries to peg their currencies to.