Replying to Avatar Implausible Deniability

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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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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Discussion

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plor 6mo ago

No, this doesn't sound like it is backed according to any normal definition. This is like saying the dollar is backed by donuts because you can go to Dunkin and redeem for creme filled.

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Sikto 6mo ago

It provides an official way of redeeming CNY for gold outside mainland China. Cuts into USD dominance.

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Sikto 6mo ago

Increased liquidity of RMB less reliance on USD for global trade.