Once launched, this “golden yuan” will incentivize nations across the globe to abandon trading in US dollars and switch to yuan instead.
Countries have lost confidence in the dollar after the US froze Russia’s dollar reserves. China is exploiting this distrust to overtake the dollar’s dominance.
Backing the yuan with gold would drain trillions of dollars from the US economy. Our stocks, bonds, and retirement accounts would crash as trade shifts to the yuan.
Stocks, bonds, and retirement accounts denominated in dollars would crash in value. The dollar itself would plummet compared to other currencies.
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