The Petro YuanWith China the only global power who has a long range master plan due to NOT being a democracy and having always changing elected politicians always changing all domestic and foreign policies making it impossible to have a long range global master policy. It gives China a huge advantage. Their goal is to have the worlds strongest economy, the world's strongest military and have the Yuan overtake the US $ as the world's currency. It has been rumored for years that China is moving towards a gold backed Yuan.
It already has done so with the Petro Yuan which is now backed by gold. Russia has been selling oil to China and been paid in Petro Yuan for some time now, and now the Saudi's, Iran and other middle east countries like the idea and are selling China oil and taking payment in Petro Yuan. With China's the world's largest public buyer of gold and among the world's largest producers of gold, how long is it going to take for them to amass enough gold to have enough gold to have the Yuan backed by gold?
My question, with China already having a large presence in Guyana and Colombia (as as well as most of South and Central America) and investing and loaning large sums to both (all) countries at a faster and faster pace. Will some of the South American countries want or be forced to sell their oil to China and be paid in Petro Yuan and are some doing it already? I would surely think Venezuela is? Kelvin?
Is China Planning to Attack the Dollar With a Gold-Backed Yuan? - Gold Alliance