Only because it is.
history was made a few months ago when it was announced the world bought more Chinese bonds than US Treasury bonds.
The world? Link?
The Chinese Yuan is also going to digital cashless, and rumor has it by 2024 will be backed by gold holdings
Do I have to email my Yuan to the Chinese government? Do they email the gold back to me?
If China wants to be the “World Currency” they need to follow the path the USA used to get there:
1. Create a currency back by GOLD. Not good intentions.
In 50-100 years (however long it takes for the World to
Trust you) you will be the Worlds reserve currency.
2. Move from the Gold Standard to the Silver standard.
3. In another 50 years; your currency will be usable in any
market in the World.
4. Now you can drop the Silver standard and be in the same
place the USA is in right now.
Trying to replace the US green back with a digital currency is like trying to replace the Rolls-Royce with the Yugo.
Do I have to email my Yuan to the Chinese government? Do they email the gold back to me?
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I love the doubting Thomas’s.....keep your eyes on the USD index, AND the CNY index, you just might see the trend.....say it ain’t so China Joe!
Currency converter one year chart.....
https://www.xe.com/currencycharts/?from=CNY&to=USD&view=1Y