This is a non-story. There won't be any physical gold actually backing the Yuan or any fixed gold exchange rate. The same limitation applies to the oil contacts. The only change they're making is to allow gold trading denominated in Yuan in a couple of Chinese exchanges. You can already freely trade gold in every other major fiat currency so nothing new here. And if you buy a large quantity of gold with Yuan, good luck on taking delivery of physical metal and getting it out of the country.