OTCQX:DMMIF - Post by User
Comment by
crdnlauon Apr 09, 2009 10:07am
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Post# 15907496
RE: China's Plan Will Give Gold a Boost
RE: China's Plan Will Give Gold a BoostRemember Christmas Day? Everybody happy as they opened their presents. On that day that has very few journalists working China announced a trial plan to use the yuan as a reserve currency with several trading partners--among them Japan and Russia. About 2-3 months later they expanded this agreement to 6-8 smaller Pacific region nations. In the last two weeks they have signed swaps agreements with Argentina and Brazil.
While everybody talks about SDRs China very quietly is setting the yuan up as a reserve currency. In fact they went so far as to have an academician write an article for the western press that stated that the yuan couldn't be a reserve currency until 2020. Keep in mind that in China (as in Russia) academicians are used to "guide" public thinking. The yuan is not a world's reserve currency but it is certainly being positioned to be a regional reserve currency--translation--a major player.