According to Want China Times, China has the ability to crash the US dollar with its 30,000 tons of gold reserves.
Chinese economic observer Jin Zihou said that powerful China’s economy could pose a direct threat to the US currency. Indeed, the US dollar reinforcement is shaky and China is America's largest creditor, Jin Zihou noted. If China really wants to challenge America's place in the global trade and finance markets, it will have to do so via a massive amount of gold, the expert stated.
China’s policymakers aim to push the yuan into the IMF reserve basket along with the major currencies. Duowei News, a news agency in Asia, reports that China is clearly preparing to shield itself from the fall of the US dollar by storing up gold reserves. The Asian news provider is certain that China is not the only state that expects the US dollar crash. Russia has doubled its gold reserves since 2005. Citing estimates by the Organization for Economic Co-operation and Development (OECD), Duowei says that the Chinese economy is set to overtake the US by 2016. This historical change could see the yuan replace the US dollar as the world's No. 1 reserve currency.
