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yota691

China begins the steps to dispense with the US dollar

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Information / Baghdad ..
A Russian website specializing in economic affairs monitored Chinese firm steps that pave the way to stop dealing in the American currency, pointing out that Beijing is storing gold for strategic purposes.
In this context, the "expert" website mentioned that Chinese gold mining companies carry out large-scale activities in the field of gold mining, and accepts to buy other mining mining enterprises around the world with remarkable activity.
The report monitored the latest Chinese deals in this field, noting that the Chinese company “Zijin Mining Group” purchased in early June the “Guyana Goldfields” Corporation, a medium-level gold producer mainly engaged in exploring, developing and exploiting deposits in Guyana, located in South America, in exchange for 323 million Canadian dollars.
This company last year produced about 150,000 ounces of gold, and the China Mining Company insisted on taking it, despite its high price of 35% due to competition from another company.
And the Chinese company itself acquired last March the mining company "Continental Gold Inc", which owns "Puerto Rica", which is one of the largest projects of gold production in the world with high reserves estimated at 3.7 million ounces, and paid for it 1.3 billion Canadian dollars.
The report concluded that China, after its acquisition of these new foreign assets, has become the largest producer of "yellow metal" in the world, noting that this behavior indicates that Beijing is storing gold for strategic purposes.
The competent website stated that China has been sending signals to the world that the dollar's dominance must end, and this trend has gained new strength in light of the confrontation with the United States, and Washington's threat to impose sanctions on Beijing.
Statements by Chinese officials warning that the United States will soon be able to impose severe and real sanctions have increased recently, and perhaps this is what prompted Fang Haixing, vice chairman of the China Securities Regulatory Commission, to say that China's dependence on the international financial system based on the dollar makes it vulnerable At risk.
The report said that China appears to have plans to change the global financial system to another based on the gold standard, which will allow the implementation of the main geopolitical goal of China, which is to get rid of the system of settlement of transactions in dollars.
China expects that in the future gold will become a reserve currency, and on its base in particular, the global financial system will be built, which will take the place of the current system. Ended / 25

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They've been working on this a long time....BRICS......AIIB Bank......PetroYuan......many countries are involved......most tired of big brother USA having their finger in every pie!

CL

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