China is planning to bring back gold standards for international payment after several decades. Being the world's largest importer of yellow metal, China is now preparing to launch an oil futures contract denominated in yuan and redeemable in gold. While the yuan is not yet a global trade settlement currency, China will make the plan possible by backing the yuan with gold for settling crude oil imports. China is also the largest importer of crude oil.
So far, globally, the dollar has been a major currency to pay for importing crude oil. China's plan to import oil with yuan backed by gold would be a game changer as gold would become the de-facto payment standard despite the fact that all