China to bring back gold in international settlement with new oil futures

China is working on crude oil settlement in yuan backed by gold to circumvent US dollar settlement

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