Russian Beyond the Headlines – by Marina Maksimova
According to media reports of early July, the People’s Bank of China is mulling the possibility of phasing out the dollar as the reference currency for the yuan exchange rate, and to start using gold as the reference point.
The reports have not been confirmed officially, but analysts are warning that the step, if taken, will weaken the yuan and destabilise China’s already troubled economy, ultimately provoking a new bout of the economic crisis worldwide. Continue reading “China reportedly planning to back the yuan with gold”

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