2013-08-08mineweb.com

``Tyler Durden, writing in Zero Hedge picked up on a recent statement by Yao Yudong of the People's Bank of China monetary Policy Committee calling for a new Bretton Woods type system to strengthen the management of global liquidity -- click here to read Durden's article.  In it he suggested that Yao's statement could be the first salvo in a Chinese push for a new gold standard -- or something approaching this -- or at least yet another indication that China is moving towards trying to overturn dollar hegemony and make a place for the renminbi in the new global reserve currency -- a point we have made on Mineweb in the past.  The suggestion is that China may look towards some kind of hard asset backed `optionality' as a future negotiating point in rejigging the world financial order at some point in the future.''

There is a discussion of "confiscation" of the public's gold by the Chinese authorities in this article, however, that seems unlikely, given that it can't simply be done by re-valuing an (already) gold-backed currency, as was the case when Roosevelt did the 1934 confiscation.


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