At the bar that I regularly go to I met this old man who doesn’t show any sort of willingness to socialize. I just say hi to him just to exchange a few words as many do in such a place.
I introduced myself saying I am a journalist covering financial news. “I am from Singapore.”, he said. I asked him what his business as he obviously is not the type of person who would be employed by others. “I invest in anything that generates high profit.”
Usually, random, not serious conversations at a bar turned into an interesting one on that night.
We talked about the world economy especially regarding currencies such as USD vs RMB. According to him, USD is nothing more than a piece of paper as there is not back up by gold or any substantial values whereas RMB is backed up by gold.
It occurred to me that I know in recent years the Chinese government is increasing the amounts of gold to purchase. So is the Russian government. With the recent development in the middle east, the gold price has spiked.
It may worth attention to consider increase RMB asset ratio to USD or other currencies? What will happen to USD-pegged Hong Kong dollars?