From PolicyMic
''So, if you were China and you owned $1.2
trillion in U.S. bills, notes, and bonds, what would you do to hedge
your bets and cover your fanny? Exactly what China is doing: buying
gold. In fact, they are buying so much; it appears they are preparing
for a world beyond the fiat dollar. A future world in which the renminbi
backed by gold could become the dominant reserve currency.
State-owned China National, CEO Sun Zhaoxue commented on
the acquisition of African Barrick Gold Ltd, saying, “As gold is a
currency in nature, no matter if it’s for state economic security or for
the acceleration of renminbi internationalization, increasing the gold
reserve should be one of the key strategies of China.''
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