gold, page-36276

This could be a big game changer for gold and will tie in with the SGE...has been talk of this for sometime and is now expected to open shortly...

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China sees new world order with oil benchmark backed by gold

https://asia.nikkei.com/Markets/Com...world-order-with-oil-benchmark-backed-by-gold

Yuan-denominated contract will let exporters circumvent US dollar

DENPASAR, Indonesia -- China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.

The contract could become the most important Asia-based crude oil benchmark, given that China is the world's biggest oil importer. Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars.

China's move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.

The existence of yuan-backed oil and gold futures means that users will have the option of being paid in physical gold