China Says “NO DOLLARS” For New Gold-Backed Yuan

Source: SuperStation95

yen_goldenIn a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars.  The new Yuan will be introduced next Tuesday, April 19.


When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets.

But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been “staggering.”  And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade:  The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold.  Which currency would YOU use?

When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars.  But they won’t be able to dump them to China for the new gold-backed, Yuan!

China has reportedly decided “there can be no conversion of gold-backed Yuan to or from US dollars.”  What China fears is that many countries around the world will want to trade their reserve US dollars  for the new Yuan, leaving China with mountains of worthless US dollars.  China already has several trillion in US dollar reserves and does not want or need more.

If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all?

The upheaval this could cause as early as next week, would be staggering.

This is a fast-developing story; check back.


China’s Yuan Gold Benchmark to Launch With 18 Members -Source

Top Chinese banks and gold miners, along with the world’s biggest jewellery retailer, will be among 18 members taking part in Beijing’s new yuan-denominated gold benchmark, a source familiar with the matter said.

Two foreign banks will also join the benchmark-setting process, when it launches on April 19, marking China’s biggest step to become a price-setter for gold.

As the world’s top producer, importer and consumer of gold, China has baulked at having to depend on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold.

A yuan gold fix is not expected to pose an immediate threat to the gold pricing dominance of London and New York, but it could ultimately give Asia more power, particularly if the Chinese currency becomes fully convertible.



China’s obsession with IMF’s accounting unit and forging NEW GLOBAL FINANCIAL ORDER reaches new heights

Beijing is reviving efforts to broaden use of Special Drawing Rights to achieve longstanding strategic aim of dethroning US dollar in international monetary system

Source: South China Morning Post

It is just one line in a foreign exchange document, but it signals a renewed seriousness.

Last week, China’s central bank started publishing the nation’s foreign exchange reserves as measured by the International Monetary Fund’s accounting unit, Special Drawing Rights.

The People’s Bank of China is also studying the feasibility of issuing SDR bonds in China.

The SDR, a weighted average of various currencies, was created half a century ago as an alternative medium to the US dollar for governments and central banks to use to hold international reserves, but it never really gained momentum.

Now, with six months to go until the yuan is included in the IMF’s basket of currencies – alongside the US dollar, the euro, the British pound and the yen – China is reviving the earlier attempts.

Beijing‘s renewed passion for the awkwardly phrased reserve asset is all part of its strategic goal – led by the central bank’s veteran governor Zhou Xiaochuan – to end the US dollar’s hegemony; the world’s second-largest economy wants to forge a new global financial order.

“China is embarking, pragmatically but steadily, on a drive to enshrine a multicurrency reserve system at the heart of the world’s financial order,” said David Marsh, managing director and co-founder of Official Monetary and Financial Institutions Forum, a London-based dialogue and research agency. “The SDR … is for Beijing, a useful stepping stone on this long journey.”

The journey to dethrone the US dollar began seven years ago when Zhou published a paper saying that China wanted to explore the possibility of creating a “super-sovereign” currency based on the SDR, to replace the dollar’s anchor role in international money system.

At that time, China had been bitterly complaining about the effects of the US Federal Reserve’s quantitative easing policies.

Many Chinese economists claimed that the US’ influence stemmed from the dollar’s global status, which allowed Washington to solve its own economic woes at the expense of the financial stability of other economies.

“Former US Treasury Secretary [John] Connally once said ‘the dollar is our currency, but your problem’, but it was so unfair for other countries,” said Ding Yifan, a senior fellow at the Institute of World Development under the Development Research Centre of the State Council – referring to the American official’s 1971 comment shortly after US President Richard Nixon’s administration ended the dollar’s direct convertibility into gold.

“China wants justice and fairness in the international money system,” Ding said. “There’s apparently a mismatch between the US economic power and the role of the US dollar – it’s unreasonable and it should be changed.”

Last week’s People’s Bank of China report said the country had 2.28 trillion worth of SDR up to the end of March. In dollar terms, the foreign exchange reserves totalled US$3.2 trillion.

Measuring foreign exchange reserves using SDR could reduce valuation fluctuations and strengthen the role of SDR as an account unit, China’s central bank said in a one-paragraph statement.

Alan Wheatley, an associate fellow of international economics at the British think tank, Chatham House, said the central bank’s move showed two things.

“First of all, they are playing the game as a serious member of the IMF, and secondly, it underlines, perhaps, that it is now tracking the basket, rather than the dollar.”

The idea of China issuing bonds denominated in SDR was “very interesting and potentially significant”, he said.

“The SDR has been a failure – the SDR never took off as a private sector asset … but if China is doing that, then it could be different.”

The SDR has been put on the back burner since 1971, and the collapse of the first system controlling the value of money between different nations, the Bretton Woods system. That left the US dollar as the main currency for international trade, payment and reserves.

That is how it has it remained, apart from the global financial crisis of 2009, when the IMF allocated an additional 182.6 billion of SDR to member countries to supplement global liquidity.

The IMF has reported that there were a total of 204.1 billion SDRs up to March 2016 – less than a tenth of China’s foreign exchange reserves.

The path taken by the IMF and China to raise the SDR’s profile in recent years has proved bumpy.

In February 2011, Dominique Strauss-Kahn, the then-IMF managing director, called for SDR to play a bigger role so that it could challenge the dominance of the dollar.

He argued that “SDR-denominated bonds” could create a new class of reserve assets.

The following month, a special conference was held in the Chinese city of Nanjing, during which then-French president Nicolas Sarkozy, in his keynote speech, called for reform of the international monetary system or a reduction in the role of the US dollar.

However, in May that year Strauss-Kahn was accused of sexually assaulting a 32-year-old maid at the Sofitel New York Hotel. Although all the charges against him were later dropped, he stepped down as the IMF chief, which interrupted the fragile momentum that had been built up around SDR.

After that the dollar became even more in demand.

The share of US dollars in global reserves had reached 62 per cent up to the end of 2015 – up from about 57 per cent seven years ago, at the time Zhou published his SDR paper, according to IMF data.

Ben Bernanke, chairman of the Federal Reserve between 2006 and 2014, wrote in a recent blog: “The renminbi’s inclusion in the SDR confers no meaningful additional powers or privileges on China.

“If your elementary school was like mine, when you did a good job on your homework you got it back with a gold star pasted on top … Like the awarding of a gold star, inclusion in the SDR is almost entirely symbolic.”

The yuan would make up 10.9 per cent of the value of the SDR from October 1 onwards, compared with the US dollar’s 41.7 per cent and the euro’s 30.9 per cent, the IMF decided in late 2015.

However, Beijing – even if the yuan’s inclusion in the SDR was merely the belated recognition of China’s economic might – is now intent on using its economic clout to promote the SDR – and achieve its aim of forging a new global financial order.

On March 31 this year, almost exactly five years on from the 2011 Nanjing conference, Zhou addressed a similarly high-profile symposium in Paris, attended by Christine Lagarde, the present IMF managing director, and the French finance minister, during which he rallied support for the IMF’s quasi-currency.

“SDR can be a stabilising power in the international monetary system,” Zhou said in his speech according to comments published on the central bank website.

“If we act now, if we take measures now, we can lay the solid foundations for tangible future progress. Therefore, broadening the use of SDR is not a difficult thing to do.”


Excerpt from: Benjamin Fulford | April 18, 2016

fulford_b&w… There is also a lot of chatter from multiple sources including the CIA and the Pentagon that some sort of financial event far bigger than the Lehman shock is imminent. While experience has taught us to be wary of specific dates, many sources even go so far as to say it will be on April 19th. This is the day the Shanghai Gold Exchange will start its gold trading platform intended to take over setting the gold price from the Khazarian mafia controlled banks.

It is probably no coincidence then that last week Deutschebank admitted in court that it manipulated gold and silver prices and promised to release all the information it has about other big banks involved in the price manipulation.

So, we have the Chinese starting a gold exchange at the same time as the Western banks that traditionally set the gold price are being publicly outed for fraud. The Shanghai Gold Exchange will also make it possible for the Asians to monetize the vast off-market gold hoards they reportedly hold. This means the Chinese yuan will become at least partially gold backed.

This is the probable source of reports such as this one:

that claim China will announce it will launch an international gold backed Yuan and stop accepting US dollars starting this week. We have not been able to independently confirm this but can say the WDS has advised the Chinese to make such a move in coordination with the US military and agencies.

Certainly the finance ministers and top central bankers form the G20 nations were all gathered in Washington last week for both regularly scheduled and emergency meetings. The Federal Reserve Board governors also had a lot of emergency meetings.

One visible result was historically significant news last week about the Federal Deposit Insurance Corporation telling banking giants like JP Morgan, Goldman Sachs, Wells Fargo, New York Mellon Bank and State Street Corp that their bankruptcy plans were “not credible.”

To put it another way, some of the top Khazarian cabal banks and owners of the Federal Reserve Board are basically being told they are de facto bankrupt.

Pentagon sources and CIA sources both also tell us that when Federal Reserve Board Chairperson Janet Yellen met with US President Barack Obama and Vice President Joe Biden that Yellen asked for the US military to mobilize to round up trouble makers and put them in FEMA camps to prevent mass rioting after a planned Fed move to save the big banks by stealing people’s savings. “Let the dollar die and do a bail in,” is how the CIA source summed up Yellen’s proposal. In any case, the military said no, they had other plans. Yellen should have taken the gold deal offered to her last week by the Asians while she had the chance.

Instead, the military have now forced Yellen to get the Fed to send and publish letter to JP Morgan to let the world know that “it is unstable.” Military pressure was also behind the FDIC warning to the big five banks mentioned above. As a result Wells Fargo and other banks have begun training staff for an “emergency scenario.”

The US military is also actively working to create a new government issued US dollar backed with silver and Asian gold to keep the US economy running after the collapse of the Khazarian mafia’s Babylonian debt slavery banking system, WDS sources say.

The situation is not much better in Europe. The IMF publicly stated last week the European banks have 900 billion Euros worth of bad debt and that they could no longer postpone dealing with it. It is a pretty good guess the real bad debt numbers are far worse than what the IMF is willing to admit. In other words, many of the top European banks are also probably bankrupt. Barclays, Deutschebank, Credit Suisse and UBS are being scrutinized by regulators to see if they are solvent, Russian sources say.

This may be why the Khazarian mafia oligarchs have suddenly launched campaigns in the US and Europe to close offshore tax havens and force or lure the world’s $31 trillion in offshore money into Europe or the US where they can confiscate it and stave off bankruptcy. CIA sources say the Rothschilds have already managed to lure “trillions” of dollars into Reno, Nevada with this cockroach motel scam. You can be sure it is not their own offshore money they plan to repatriate.

Some money that is sure to be confiscated is Saudi Arabia’s US dollar denominated holdings. Last week there were corporate propaganda media reports that Saudi Arabia would sell off hundreds of billions of dollars’ worth of its US assets and treasury bonds if the US government released the 28 secret pages of the 911 report or if it allowed families of victims of 911 to sue Saudi Arabia.

However, Saudi Arabia does not have that choice and instead will find out that its US holdings have already been confiscated. Even with Turkish and Israeli help the US and Russia could crush them like bugs if they object to such a confiscation.

In fact, according to Pentagon sources, President Obama will be visiting Saudi Arabia this week to read them the riot act and force them to stop their trouble making around the world. Furthermore, Obama will release the 28 pages after he returns from the visit, the sources say.

At the same time as Obama visits Saudi Arabia, Israeli Prime Minister Benyamin Netanyahu has been summoned to Moscow. There he will be told to return the Golan Heights to Syria and comply with other UN resolutions concerning Israel or else it will be faced with sanctions and that “all options will be on the table.” This could mean a full blockade of Israel. Furthermore, the sources say Obama, backed by the US military, will not use the customary US veto to save Israel from UN sanctions.

The Russians will also be asking for the return of gold stolen from the Czar of Russia by the Rothschild family, the real rulers of Israel, the sources say. The Bank of Japan library has a report about Japanese warships arriving in Vladivostok in 1918 to evacuate 10 tons of the Czars’ gold before the communists could get a hold of it. This gold was later shipped to London, according to the BOJ. This is probably just the tip of the missing Russian gold iceberg.

Speaking about stolen gold, there is a flurry of activity going on in connection with gold stashes in Indonesia. This week Indonesian President Joko Widodo (Jokowi) is visiting Germany, the UK, Belgium and Holland to discuss the Indonesian gold among other things. It turns out the gold was brought over by the Japanese meaning that it was taken from other Asian countries who are now claiming the rights to it, CIA sources in Indonesia say. The Europeans also lust after this gold. Photographs of the Indonesian gold site can be made available to interested parties, the sources say.

In any case, at the end of the day, it will probably take a deal between the Pentagon white hats (WDS) and the Chinese to sort this out.

A public sign the US white hats and the Chinese are already reaching deals can be confirmed by the fact that last week the Chinese led Asian Infrastructure Investment Bank and the US controlled World Bank announced their first jointly financed project.

The next step is to ramp up the scale of investments from the billions to the trillions of dollars.


15 thoughts on “China Says “NO DOLLARS” For New Gold-Backed Yuan

    • Dave, try over $200 ‘TRILLION’!!!! Talk about HYPOCRITES!!!! We buy ALL of their CHEAP CRAP, and they won’t take DOLLARS! I was taught NOT to trust the ‘Chinese,’ and I NEVER HAVE! Bunch of HEATHENS!

  1. USA is in flat spin, no possible recovery! Imperialist China is destined to be number one! Will that give extra lease of life to capitalist imperialism?
    Or will that create further contradiction in decaying capitalism & hastening its demise?

  2. Pingback: China says “no dollars” for new Gold-backed Yuan… | Hutts Strange World

  3. Their original thinking and belief. Has always been lopsided. We re the greatest
    Every other people or nation is under us.when you starts an equation this flawed reasoning. You proceed the entirety of existence of such civilization to anti Godly activities. That includes
    Murders.ebola.aids.famine and munsanto and slavery.etc. at the end the
    Truth is laid bare bone for the sunlight to
    Opened the eyes of the blind world to see. .yet this Zionist devil is never ashame. Never guilty. Never remorse. To him God doesn’t exist.

    • Ok ppl
      First of all take a good hard look at ONE COIN crypto currencey.This is our future for sure.bitcoin has led the way to opening the door to the way we do business and the future. If you want to see or understand more please do not hesitate to contact me.

  4. Pingback: What’s a little Economic Warfare Threat Between Allies? | FortySix News

  5. Pingback: What’s a Little Economic Warfare Threat Between Allies? - Affluent InvestorAffluent Investor

  6. There article is quite inaccurate. The Yuan is not being set or backed by gold as implied. They are giving a mechanism for the price of gold based on Yuan to be set several times per day. Before this, if you wanted to sell gold to a bank in China, they would need to check the rate set in New York and then calculate based on the exchange rate at that time from RMB to USD. Then you could sell your gold based on that rate plus whatever fee the bank charged. However, now they will have the rate set twice a day in Shanghai in Yuan which simplifies the calculation for the banks and also takes into consideration local supply and demand of gold instead of referring only to the exchange in New York.

    However, this does not make the Yuan a gold backed currency anymore than the USD is a gold backed currency. The rate is changed twice per day.

Comments are closed.