China Moves Against the Dollar

The following video by Storm Clouds Gathering provides an excellent summary of continuing Chinese efforts to chip away at the US dollar. These include a recent trade agreement between China and Australia to use the yuan and Australian dollar – rather than the US dollar – in bilateral trade. China entered into a similar trade agreement with Russia in 2010 and with Japan in 2011. Another major concern for the Obama administration is recent massive Chinese gold purchases, which suggest they may intend to create a gold-backed currency to rival the US dollar….here

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