Conquer Club

One of the world’s top energy importers, China, is set to roll out a yuan-denominated oil contract as early as this year. Analysts call the plan, announced by Beijing in September, a huge move against the dollar's global dominance.
The so-called petro-yuan is a “wake up call” for investors who haven’t paid attention to the Chinese plans, according to the head of Graticule Asset Management Asia Adam Levinson, as quoted by Bloomberg.

Earlier this year, the Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold. The contract will enable the country's trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.

The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.

riskllama wrote:inb4 mrs???

Dukasaur wrote:

riskllama wrote:inb4 mrs???

More like inb4 patches.

Dukasaur wrote:

riskllama wrote:inb4 mrs???

More like inb4 patches.

mrswdk wrote:I think everyone’s already aware that America has imploded and China’s won tbh.

If anyone wants to be tutored Mandarin via Skype my rates are very reasonable.

waauw wrote:Nothing special there. Countries have been moving away from the USD for a decade now. China is doing it, Russia is doing it, the EU is doing it, India is doing it, ... This is just a detail in a much wider fenomenon of nations trying to push their own currencies forward.

TeeGee wrote:I love mandarines

How much for 5kgs?