China Delivers Knockout Blow to Petrodollar. Part 2
This is a follow a follow up or update to the first video about the developments in China pertaining the yuan, gold and oil.
China establishes yuan-ruble payment system: https://www.reuters.com/article/us-china-yuan-rouble/china-establishes-yuan-ruble-payment-system-idUSKBN1CH0ML
Zerohedge article: http://www.zerohedge.com/news/2017-10-12/china-launches-yuan-ruble-payment-system
China Delivers Knockout Blow to Petrodollar. Part 1:
I fail to see any limitation in the IMF rules to stop China creating another "denominator" which in its own right is backed by gold. China is also exploring crypto - NEO being a fully China compliant crypto-currency already being utilised by China for government transactions. This in its own right could be another denominator.
I reasonably expect China to walk, with others, from the IMF. They already are making serious in-roads into many third world countries - building infrastructure that is useful to the "poor" country and is strategically important to China, eg. harbours, airports, roads and rail.
I have said this in comments on smaulgld on youtube - China may or may not back all these systems with gold backing but they don't have to. Just projecting a confidence that they and Russia have a significant amount of gold will boost trade and overall confidence. In fact confidence is the only thing propping up markets today.