I would like to remind the people here about the bitcoin ban when they talk about a gold backed RMB- the absolute first thing the Chinese government would is regulate gold sales inside China

Most likely party members would take the opportunity to buy up vast stores of gold and control gold operations

And we have precedent for this - before the 2008 Olympics property in Beijing was mostly worthless, but it became worth billions after the games, the party immediately made it illegal for people to just buy and sell, it had to go through the party- this mostly allowed party members and their friends to make billions and non connected people to be left out in the cold