China to challenge the US dollar for world’s reserve currency status… Gold Backed Yuan!

Blessings; believe it is going to cause much more of a shake-up than expected; its going to be big; in peace

1EarthUnited

Source:  http://www.forbes.com/sites/kitconews/2016/04/13/chinas-yuan-based-gold-fix-to-include-two-international-banks/#1b783fb773b7

(Kitco News) – Two international banks will join the proposed Chinese yuan gold fix, which is expected to be launched in less than a week, according to media reports.

Wednesday, Reuters reported that ANZ and Standard Bank will be the only two international banks that will be involved in the daily gold auction, with a total of 18 banks participating. Both banks have gold import licenses into China.

The article also noted that the new benchmark is expected to be launched April 19, which two months ago was only a rumor.

Quoting the Shanghai Gold Exchange (SGE), Reuters said that four state-owned banks are Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China and China Construction Bank. Other regional banks to be involved in the process are Bank of Communications, Shanghai Pudong Development Bank, China Minsheng Banking Corp, Industrial Bank Co…

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