Is China Preparing To Back The Yuan With Gold?

China is the #1 producer of gold and has recently become the #1 importer of gold. They have also encouraged their own citizens to buy both gold and silver. Though it is speculative, we believe that China is indeed preparing for the future, either to have the first gold backed currency or to follow up with a gold back currency after Russia, the U.S., or another major nation announces one.
Recently it was reported that a Chinese Diplomat told Stephen Leeb that China is accumulating gold to back the Yuan, so this is certainly being talked about in some very high circles of influence.