Is China backing the Renminbi/Yuan with gold?

Beijing-China (May 27)  Over the last several years, there have been many stories about the rising Chinese economy and an increasing role for the Chinese currency on the world stage. Some have gone so far as to predict that the Chinese yuan will take over the U.S. dollar as the world’s reserve currency.

In addition, there is also speculation in the blogosphere that the Chinese are going to surprise the world with a gold-backed currency. The Chinese have been accumulating more gold over the last few years, and it is likely that the central bank has higher gold reserves than what is reported.

The Chinese government is attempting to get the yuan included in the IMF’s Special Drawing Right (SDR) currency basket, which includes the other major currencies of the world.

Source: Mineweb