Chinese Gold-Backed Currency

It's coming, folks, for better or worse:

http://www.zerohedge.com/news/there-can-be-only-one-china-sovereign-wealth-fund-says-renminbi-will-become-reserve-currency

http://www.zerohedge.com/contributed/2012-21-22/will-china-make-yuan-gold-backed-currency

For me the jury is still out as to whether this is the work of the Chinese Government, or the Chinese Banking Sector (PBOC). If it's the latter, I smell more than a whiff of You-Know-Who, who are very active in China. Time will tell.

Here is the CIC's Jin, talking sense about Europe:

 http://www.bloomberg.com/news/2012-05-22/cic-s-jin-says-other-countries-may-follow-if-greece-exits-euro.html