- If China is not going to accumulate fiat currencies which are created out of thin air, what are they going to accumulate? Obviously hard assets! There is no better hard asset than physical gold (and physical silver)! What is the PBOC hinting at? A Gold Trade Settlement system, what Dr. Jim Willie has been saying!
PBOC Says No Longer in China’s Interest to Increase Reserves!
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden…
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