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Asked a question 13 days ago

CNY-Oil-Contract & Gold-Window: In "the MR. X INTERVIEWS - Volume 2" states: (p 21): Context: holders of offshore CNY (that they got from a CNY-oil-sale) want to get gold for their CNY "Then the UK and/or US gold markets answer China's request for gold one of three ways: 1. Yes, we will deliver you gold, but we will not let the price of gold rise [...] 2. Yes, we will deliver you gold, and we will let gold's price rise as a result of your purchases [...] 3. No, you cannot have gold. We either refuse to deliver it or we are out of gold" My questions: - What are offshore CNY supposed to be? It is basically CNY held by a foreign CB at an account of the PBoC? - Points 1. and 2. above: If someone wants to buy gold with CNY, the rise in price would affect the CNY-Gold-Price and not necessarily the USD-gold-price? It may affect the USD-gold-price as their is additional demand for gold, right? - if no one is willing to sell gold for a certain amount of CNY would this not imply that the CNY devalues at a huge amount of CNY is needed in order to convince people to sell gold for CNY? Why should the dollar-gold-price be impacted? Any input on this would be appreciated!

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"It may affect the USD-gold-price as their is additional demand for gold, right?" This is my understanding, as gold will be purchased on the open market