|If China ever actually made a successful launch of a truly gold-back currency, they wouldn't be able to export anything else. It would destroy them. They aren't that dumb. |
China has been in a defacto currency war with the USA since the turn of the century. We devalue our currency, they devalue their currency a bit more, so we devalue ours some more, so they do more, etc, etc. There are a few other factors as well, but that's a consistent theme. An export-led economy needs to artificially weaken its currency to keep its exports competitive.
A gold-backed currency is surrendering that game.