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  "China's Yuan is Backed by Precious Metals"

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Join date : 2011-08-12

PostSubject: "China's Yuan is Backed by Precious Metals"    Tue Dec 20, 2011 9:40 am

"China's Yuan is Backed by Precious Metals"
The Rumor Mill News Reading Room
Posted By: hobie [Send E-Mail]
Date: Monday, 19-Dec-2011 23:16:56
(Thanks, X. Smile
Reader X. writes:
China?s Yuan is Backed by Precious Metals
From: Reader X
Dear Hobie,
Ref: ?China?s Yuan is Backed by Precious Metals?
There are four Precious Metals (Gold, Silver, Platinum, and Palladium) that are universally traded by the commodities market. The value of each of them is listed by their respective prices as determined by the commodities market?s Spot Prices.
Recently, The Peoples Bank of China, which is China?s Central Bank and Treasury, and other Chinese banks have established the conversion of the Chinese Yuan for all four Precious Metals, which are based upon their Spot Prices. This makes the Chinese Yuan the first currency that is backed by all four Precious Metals.
The larger Chinese banks are currently accepting the conversion of all four Precious Metals for US Dollars, based on their respective Spot Prices. The Peoples Bank of China controls and establishes China?s conversion rated between the Yuan and the US Dollar.
Now that China?s currency is backed by Precious Metals, other sovereign countries will soon, also abandon their current Fiat currencies for legitimate currencies backed by Precious Metals. This is the beginning for the establishment of a new Financial System based on each individual sovereign country?s unique currency, and not a single Fiat currency worldwide.

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