China can ultimately overthrow the US
dollar domination using its 30,000 tons of gold reserves, according to
Chinese economist Jin Zihou.
Citing
former US Federal Reserve Chair Alan Greenspan, Chinese economic
observer Jin Zihou suggested that the Chinese renminbi would deal a
lethal blow to today's financial system if Beijing converted its $4
trillion assets into gold.
Since
the US dollar's power is gradually fading, China, the US biggest
creditor, may potentially destroy the US dollar, Jin emphasized.
Still the US dollar remains the "biggest player," accounting
for 60 percent of global reserves. However, many countries are seeking
ways to limit the power of the US dollar and become less dependent
on it.
According to Jin Zihou, the only way for Beijing to end the US
dollar's reign is to accumulate a significant amount of gold, namely
30,000 tons. In this case, China will be able to challenge America's
longstanding dominant position in the global trade and financial
markets.
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