China rejects dollars for new Yuan

[jhungary]

Chinese forex decreased by 300 billion, do you know what that 700 billion difference was used for? Yes, millions of ounce of gold worth billions of dollars, and hundreds of billions of dollars in term worth hundreds millions of ounce, which translate into thousands of tons.

I am starting to suspect that you basically know the square root of nothing in the subject matter.

In 2015, Gold Reserve in China were increased by 640 metric tons. Which is nearly half of the number they had at the beginning of the year (which is 1050)

https://www.bing.com/images/search?q=china+gold+reserves&view=detailv2&&id=553FBE201C8F26C97E31065F3C2D8B1238D44449&selectedIndex=18&ccid=CUcisg9/&simid=608020452134225210&thid=OIP.M094722b20f7ff421191cbc2a52bf8333o0&ajaxhist=0

It will cost about 28 billions to buy 640 metric tons of gold, that is IF YOU BUY ALL THE ADDED DIFFERENT (640 tons = 640,000 Kilograms of gold, and 1 kilo equal to 35 oz, at a price of 1250 dollars per oz, you do the maths)

For 700 billions, you can get about 16,000 tons of gold at trade price. That amount would have been HALF OF WORLD GOLD RESERVE BY COUNTRY (Which is at 2015, it stands at 31,000 tons)

https://www.gold.org/download/file/4815/GDT_Q4_2015.pdf

So, if you said Chinese's 700 billions are all spend at gold, then congrats, as China now control 52% of world publicly owned gold........lol (I am being sarcastic) That is equal to top 5 gold reserve countries combine (Minus IMF). Dude, what you said cannot in all conceivable way be true....

I am currently contemplating on should I reply to your next post....

 

[BoQ77]

This work, on paper.
In reality, Chinese enterpreneurs always ask for USD in any business.

I can't find any trusty source to repeat what superstation95 said. Is it derailment?