A lot of the 'devaluation' will be 'sterilized' by a rapid increase in demand and deepening of the Chinese sovereign bond market. The shift will come from China maintaining its REER -- Real Effective Exchange Rate -- to keep non-U.S. trade flowing and those countries replacing USD reserves with CNY-based reserves.

That's what the gold-backed petroyuan contract is all about. They are expanding that into its LME business for other important industrial metals, creating yuan-denominated futures markets.