Gold prices have been on a wild ride. Between 2000 and 2011, they rose from $280 to around $1,900 per ounce before falling back to $1,050 in 2015. Currently, they are trading close to $1,300 an ounce. Gold has made similar-sized moves when priced in the Chinese renminbi (CNH). From a CNH perspective, prices rose from 2,000 to 12,000 between 2001 and 2011 before falling back to 7,000 in 2015. Currently, it’s trading near 9,000 CNH (Fig.1).
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