Even though the Chinese currency, the Yuan (or Renminbi), is still pegged to the current reserve currency, the Chinese officials are taking more and more steps towards consolidating the global role of Yuan. One of them is the long term purchase of gold, as the saying goes, with every dip, there is Chinese gold buying. The second step is to start offering gold in Yuan. The next step can only be denominating the yuan in gold and restricting yuan purchases.
