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CNY is now a gold redeemable currency with gold delivery via a vault in Hong Kong.

Anyone with surplus CNY who prefers gold can buy gold on Shanghai Gold Exchange, take delivery in Hong Kong, vault or ship globally as appropriate to their security and liquidity preferences.

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Discussion

SPA (Super Phat Arrow) 6mo ago

👀

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Ape Mithrandir 6mo ago

By that definition then USD is backed by physically deliverable Gold futures on COMEX/CME

https://www.cmegroup.com/rulebook/COMEX/1a/113.pdf

SuiGenerisJohn 6mo ago

curious

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SuiGenerisJohn 6mo ago 💬 3

Is there a difference between what this says and just being able to buy gold with CNY?

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Field Monkey 6mo ago

There are also BTC ATMs. That's what I'm planning to do with my excess CNY.