Chinese Economics Thread

[xypher]

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[mossen]

If this goes through, a key pillar of the "petrodollar" would crumble. Hard to overstate the significance of this.

 

[hullopilllw]

If this goes through, a key pillar of the "petrodollar" would crumble. Hard to overstate the significance of this.

And all this being pushed by America instead of any intentional acts by other powers to shake those pillars.

 

[dfrtyhgj]

The USD is dead dead.

 

[dfrtyhgj]

those aged 35 and above are not targeted

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[Han Patriot]

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Imagine suddenly declaring Yuan backed by 30000 tonnes of gold. This will really fck up dollar.

 

[dfrtyhgj]

Yuan will never be backed by Gold, backing by the Chinese people is the best guarantee on the planet.

 

[Han Patriot]

Yuan will never be backed by Gold, backing by the Chinese people is the best guarantee on the planet.

it's hard to say, but China is quietly accumulating gold. Guess who is the largest gold producer and importer on earth?

 

[SanWenYu]

it's hard to say, but China is quietly accumulating gold. Guess who is the largest gold producer and importer on earth?

China's gold reserve is far from enough to back up Yuan though.

The

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that there are about 244,000 metric tons of gold have been discovered on earth. That's even including the 57,000 tonnes still buried deep underground.

About 244,000 metric tons of gold has been discovered to date (187,000 metric tons historically produced plus current underground reserves of 57,000 metric tons). Most of that gold has come from just three countries: China, Australia, and South Africa. The United States ranked fourth in gold production in 2016.

As we speak on Mar 15, 2022, the gold price is about US $1,950 per ounce, give or take. We can even use a slightly higher price of US $2,000 per 25 grams for easier calculation. Then 244,000 tonnes of gold are worth about 19.52 trillion US dollars. That's not a lot.

 

[dfrtyhgj]

Fiat is an infinitely better economic system and it's invented in China, along with paper money and money printing. China got rid of the gold based system thousands of years ago.