Constructing a trade medium of exchange
We now turn to the mechanics of constructing a new trans-national gold-backed currency. One condition which will need to be in place is for a value for gold measured in goods to back inter-Asian trade. Despite the accumulation of gold by the central banks of the Shanghai Cooperation Organisation membership, some of them may not have sufficient official gold reserves to cover their balance of payments deficits except for limited times, requiring a higher gold value in order to do so. And other members, such as Russia, could see continual accumulation of physical gold because of her balance of payments surplus. Ideally therefore, instead of trade settlements being entirely in physical gold, they should be facilitated by a banking system whose credit values are securely based on gold to ensure flexibility.

構建交易媒介
現在我們轉向構建一種新的跨國黃金支持貨幣的機制。一個需要到位的條件是，以貨物衡量的黃金價值，以支持亞洲之間的貿易。盡管上海合作組織成員國的央行積累了黃金，但其中一些國家可能沒有足夠的官方黃金儲備來彌補其國際收支赤字，除非是在有限的時間內，這就需要提高黃金價值。
而其他成員國，如俄羅斯，由于其國際收支順差，可能會看到實物黃金的持續(xù)積累。因此，理想情況下，貿易結算不應完全以實物黃金結算，而應由一個信用價值以黃金為基礎的銀行體系提供便利，以確保靈活性。

The task therefore is to design an entirely new non-national currency backed by gold, specifically created for cross-border trade and commodity transactions. Presumably, this is what Glazyev is trying to achieve instead of the more cumbersome EAEU project originally announced. It is a relatively simple task and does not require blockchains and the paraphernalia of a CBDC. The mantra should be to keep it simple, and therefore have no mystery.

因此，我們的任務是設計一種全新的、由黃金支撐的非國家貨幣，專門為跨境貿易和大宗商品交易創(chuàng)造貨幣。據推測，這就是格拉濟耶夫試圖實現的目標，而不是最初宣布的更繁瑣的歐亞經濟聯盟項目。這是一項相對簡單的任務，不需要區(qū)塊鏈和CBDC的相關設備。咒語應該保持簡單，這樣才沒有神秘感。

The bulleted list that follows is a brief outline of how a new trade settlement currency based on gold can be established to replace the fiat dollar in all transactions between SCO/BRICS member nations. By being completely independent of national currencies, it should be politically acceptable to all involved, as well as a long-term practical solution to facilitate the Russian-Chinese axis’s ambitions for an Asian industrial revolution, free from interference by America and her allies.

下面的項目列表簡要概述了如何建立一種基于黃金的新貿易結算貨幣，以取代上海合作組織/金磚國家成員國之間所有交易中的法定美元。通過完全獨立于本國貨幣，它應該在政治上為所有相關方所接受，同時也是一個長期可行的解決方案，可以促進中俄軸心在不受美國及其盟友干涉的情況下實現亞洲工業(yè)革命的雄心。

The essential elements are as follows:
The announcement of the creation of a new central bank (NCB) and a new gold-based currency on the lines below will be made in advance of implementation to allow bullion markets to adjust to the new regime before it comes into existence.
A new central bank is then established, whose function is to issue a new book-entry currency backed by physical gold, issued and available only to participating central banks. It will be designed to be a fully trusted gold substitute, independent from fiat currency values.
The new currency will only be redeemable for physical gold by participating central banks. They will also be free to add to their NCB currency reserves by submitting additional gold to the NCB at any time.

基本要素如下:
新的中央銀行(NCB，后都用NCB)和新的基于黃金的貨幣將在實施之前宣布，以允許黃金市場在新制度生效之前進行調整。
然后建立一個新的中央銀行，其職能是發(fā)行一種新的記賬貨幣，由實物黃金支持，只向參與的中央銀行發(fā)行和使用。它將被設計成一種完全可信的黃金替代品，獨立于法定貨幣價值。
這種新貨幣只能由參與其中的央行兌換成實物黃金。他們還可以隨時通過向NCB提交額外的黃金來自由地增加他們的新貨幣儲備。

The NCB’s eligible participants will only be the central banks of participating nations, limited to member nations of the SCO, EAEU, and BRICS. The NCB’s currency is issued to the national central banks against their assigning a minimum 40% gold backing for it. For example, currency representing one million gold grammes secures an allocation of 2,500,000 currency units denominated in gold grammes. The gold does not have to be delivered to a central storage point but can be earmarked[iii] from within a participating central bank’s gold reserves, on condition that they are securely stored in vaults on a list approved by the NCB.

NCB的合格參與者僅限于參與國的央行，僅限于上海合作組織、歐亞經濟聯盟和金磚國家成員國。NCB的貨幣發(fā)行給國家中央銀行，而國家中央銀行為其指定了至少40%的黃金作為后盾。例如，代表100萬克黃金的貨幣可獲得250萬以金克計價的貨幣單位。
黃金不必交付到中央儲存點，但可以從參與的中央銀行的黃金儲備中指定，條件是它們安全地存放在NCB批準的清單上的金庫里。

Commercial banks trading in member nations and elsewhere will be free to create and deal in credit denominated in the NCB’s new currency. Issuers and users of this credit are always free to acquire physical gold in the markets, should they wish to back credit created in the new currency with gold itself.
All taxes and restrictions on gold ownership must be fully removed by participating nations. Gold’s legal status as money must be reaffirmed, if necessary.

在成員國間和其他地方進行交易的商業(yè)銀行將可以自由創(chuàng)建和交易以NCB新貨幣計價的信貸。這種信貸的發(fā)行者和使用者總是可以在市場上自由獲取實物黃金，如果他們希望用黃金本身來支持新貨幣創(chuàng)造的信貸的話。
參與國必須完全取消對黃金所有權的所有稅收和限制。如有必要，必須重申黃金作為貨幣的法律地位。
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An efficient central clearing system for commercial banks dealing in credit based on the new currency will need to be established.
Accompanied by the major energy producers setting price benchmarks, commodity exchanges in member nations will be required to price all products in the new NCB currency, replacing pricing in US dollars completely for trade between participating member nations. They can still quote prices in dollars for others should they so wish.

需要建立一個有效的中央清算系統(tǒng)，供商業(yè)銀行以新貨幣進行信貸交易。
在主要能源生產商設定價格基準的同時，成員國的商品交易所將被要求以新的NCB貨幣為所有產品定價，在參與成員國之間的貿易中完全取代美元定價。如果他們愿意，他們仍然可以用美元報價給其他人。

The purpose of the new currency is to provide the basis for trade finance and other cross border financial settlements on a sound money basis. It is also likely to lead to participating nations placing a greater emphasis on their own currencies’ stability while providing a safe haven from a fiat currency systemic collapse.
All empirical evidence informs us that when gold becomes the means by which credit is valued, credit’s own value is not dependent on stability in the quantity of credit, taking its value from gold. This stability imparts pricing certainty to trade and investment, necessary conditions for maximising economic progress particularly in the context of wider industrial development throughout Asia.

新貨幣的目的是在穩(wěn)健的貨幣基礎上為貿易融資和其他跨境金融結算提供基礎。它還可能導致參與國更加重視本國貨幣的穩(wěn)定性，同時為法定貨幣的系統(tǒng)性崩潰提供一個避風港。
所有的經驗證據都告訴我們，當黃金成為衡量信貸價值的手段時，信貸本身的價值就不再依賴于信貸數量的穩(wěn)定，而是從黃金中獲取價值。這種穩(wěn)定性為貿易和投資帶來了價格的確定性，這是實現經濟進步最大化的必要條件，尤其是在整個亞洲工業(yè)發(fā)展的大背景下。

Constructed on the lines above, remarkably little physical gold would be required to underwrite cross-border payment values for trade in Asia and beyond. This trade settlement currency should be simple and quick to establish. It must be free from interference from members of the western alliance trying to preserve their own fiat currency systems. And the 40% gold backing rhymes with the basic requirement for a metallic monetary standard set by Sir Isaac Newton, when he was Master of the Royal Mint.
For participating central banks, the replacement of gold in their reserves for allocations of the new currency would represent a significant increase in their reserves. As confidence in the scheme builds, it could be argued that only minimal gold reserves need to be retained by participating central banks, with the balance swapped for the new currency. For example, the Reserve Bank of India officially possesses 795 tonnes of gold. Converted into the new gold currency, its value in reserves is uplifted to 1,988 tonnes equivalent.

基于上述思路，在亞洲及其他地區(qū)的貿易中，幾乎不需要實物黃金來擔保跨境支付價值。這種貿易結算貨幣應該簡單快捷。它必須不受試圖保留本國法定貨幣體系的西方聯盟成員國的干預。40%的黃金支持與艾薩克·牛頓爵士設定的金屬貨幣標準的基本要求一致，當時他是皇家造幣廠的負責人。
對于參與其中的中央銀行來說，用儲備中的黃金來代替新貨幣的分配，將意味著其儲備的顯著增加。隨著人們對該計劃的信心逐漸增強，人們可能會辯稱，參與該計劃的央行只需要保留最低限度的黃金儲備，其余部分就可以換成新貨幣。例如，印度儲備銀行(Reserve Bank of India)官方持有795噸黃金。如果換算成新的黃金貨幣，其在儲備中的價值將上升至1988噸。

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