End of US dominance: China is attacking the dollar
China wants to push the dollar and turn the yuan into a global economy.
China has been one of the world's largest buyers of gold for years. The extensive imports of the precious metal could be a preparation for a possible gold cover of the national currency Yuan , writes the Mises Institute in an analysis. With this step, Beijing would be decoupling large parts of its foreign trade from the US dollar and seriously undermining the status of the dollar as the world's leading currency.
Also in March, China Gold entered a large scale.According to the English-language service of Reuters, imports from the Chinese special administrative area of Hong Kong rose 133 percent from 49.3 tons in February to 111.65 tons in March. This represents the highest value since May 2016. In March, 24 tonnes of gold to China and 24.481 tonnes to Hong Kong were delivered from Switzerland - only more gold was exported to India this month. The development of Swiss exports gives an insight into the situation in global gold trading, as some two-thirds of world trade is traded across the country, Goldreporter reports.