Will China Force the US to Restore Gold as Money?

Source: Future of Freedom Foundation
by Jacob G Hornberger

“In response to the U.S. government’s weaponization of the dollar through such measures as sanctions and trade wars, China, along with Russia and other nations, are making efforts to dethrone the dollar as the world’s international reserve currency. For example, Russia and China are now using the Chinese yuan, rather than the dollar, for payment for Russian oil. Saudi Arabia is now talking about doing the same thing. One of the interesting aspects of this process involves gold. According to an article at Forexlive, China has purchased 62 tons of gold in the last two months. China’s gold reserves now total 2,010 tons. An article at BNP Paribas Asset Management by Chi Lo, the company’s senior market strategist for Asia and the Pacific, speculates that China might be considering making its currency convertible into gold.” (01/11/23)