gold, page-42821

'besides serving as a hedging tool for Chinese companies, the contract will aid a broader Chinese government agenda of increasing the use of the yuan in trade settlement... and thus the acceleration of de-dollarization and the rise of the Petro-Yuan.'
This is the para to focus on.
China will offer to buy oil in Yuan only. But the oil seller can exchange the yuan on the Shanghai Exchange for gold METAL, which China will stand in the market to buy. (not Chinese gold!)
This has to be considered as a gold backed yuan for the oil trade.
23.