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Q: Do you believe that the Chinese Renminbi {Yuan} will replace de USD as International Reserve Currency in the near future and that the Chinese Government will implemented a new Gold Standard in the FOREX market.?

Clarification added 875 days ago: In recent years, domestic China gold production has risen by 15% annually compared to the 3% decline in global production in 2006. This tremendous increase has been due to rapid capital expansion and low costs of labor. Chinese gold producers have gained enormously from current record high gold prices.

Clarification added 875 days ago: Gold output in China has risen by 70% for the past decade. In recent years, China's gold mining industry has received increased foreign and domestic investment, and project numbers have increased as more discoveries have been found. China produced nearly 300 tonnes of gold in 2008. It is also the only country in the top three where production rose in 2008.[2]

Clarification added 875 days ago: Much like how China has surpassed the US in so many manufacturing and economic milestones — and South Africa in gold production — the world’s most populous country is now poised to topple India as nation with the strongest gold demand in the world.

Clarification added 875 days ago: Much like how China has surpassed the US in so many manufacturing and economic milestones — and South Africa in gold production — the world’s most populous country is now poised to topple India as nation with the strongest gold demand in the world.

Clarification added 875 days ago: Chinese government has encouraged the Chinese citizenry to load up on the yellow metal as way of bolstering household savings. The Asian behemoth also sped up the gold purchasing process by allowing ordinary retail clients to easily change cash into gold at local branches of the Bank of China. Given these realities, it’s hardly surprising China has risen up through the gold consumption ranks so rapidly.

Clarification added 875 days ago: “Investment demand in China more than doubled in the first quarter to 90.9 metric tons as the nation overtook India to become the largest market for coins and bars, the World Gold Council said in May. India was the largest consumer of gold jewelry last year,

Clarification added 874 days ago: Since 2010, Chinese companies have invested more than $17 billion into oil and gas deals in the U.S. and Canada

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Answers (25)

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  • A:China has no foreign debt. China has stoped buying USA debt and instead is stock pilling raw materials. China is expanding its education of science and engineering. In 2011 China has surpassed Japan in number of new patents. China has the largest faverable balance of foreign trade in the world.

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  • A:I offered an answer prior, that I do not really care but I would feel it ore likely an occurance if fortune cookies were included. Would anyone like to speculate if he Chinese up the ante from fortune cookies to wonton soup and roast pork lo mien?

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  • A:The position of reserve currency comes with notable obligations in terms of reliable policies, transparency and balance of interest of others relying on the reserve currency. From the present position, China will have to go a long way to win reliability that comes with custodian of reserve currency.

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  • A:Not a chance. China will soon implode either through a "China Spring" or more likely in about 30 years when their one-child policy combined with the preference for male children will leave relatively few workers supporting an every increasing older population. China will need every gram of reverence for their older family members to survive the coming gray tide.

    In addition, the lack of free speech and free markets will keep China will keep China one step behind ...always. The juggernaut economy of China has too many controls to work effectively and efficiently.

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  • A:That would be NO and NO.

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  • A:No! lol.

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  • A:near future? next 5 years, yes.

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  • A:Yes it can! Remember the principle proposed by some one? long ago to develope a world money system coupled with a world international government controlling trade and movement of funds not of nation but a international finance system. This was centuries ago but the mind is still working today. For the first time we have a real opportunity for this to occur. Critical issue is and always has been is DEBT. Every nation is in that boat now except one PLUS all have to depend on each other to get goods needed. Could the explain the EPR???

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  • A:With the Chinese governments past policies to manage a controlled RMB to dollar exchange rate, the central banks and financial institutions have no short term expectation of a foreign exchange policy reversal. However the Chinese economy is gradually changing from an export based economy to consumption driven one. The IMF forecasted that the Chinese current account surplus in 2012 will only be 2.1% of GDP, a drop of 8 percentage points since 2007. The Chinese government is doing a controlled reevaluation of the RMB against the dollar, which has appreciated about 25 – 30% against the dollar since 2005. It is apparent that the China is moving towards a fully convertible market based RMB.

    The increase in China’s Gold consumption seems to have risen from Chinese Public trying to protect their savings from inflation by diversifying away from dollar and dollar and euro denominated securities. It does not appear that the Chinese are poised to enact a Bretton Woods.

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  • A:No, maybe and No. The character limit is stupid for such a set of set of questions.

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