The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports.
The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar trade could allow oil exporters such as Russia and Iran, for example, to bypass U.S. sanctions by trading in yuan, according to Nikkei Asian Review. To make the yuan-denominated contract more attractive, China plans the yuan to be fully convertible in gold on the Shanghai and Hong Kong exchanges.
You can read the rest @
http://oilprice.com/Latest-Energy-News/World-News/China-Readies-Yuan-Priced-Crude-Oil-Benchmark-Backed-By-Gold.html
Trump will get the blame for this, but it all started a long time before he decided to run for the White House. You can find some background material on this issue here:
https://sainthoward.blogspot.com/2017/04/brics-are-unveiling-their-version-of.html
The "dream" is indeed coming to an end, courtesy of a whole lot of stupid people in DC and NYC.
Here is additional discussion of this issue:
ReplyDeletehttp://www.informationclearinghouse.info/47761.htm
And yes, the dollar is weak:
ReplyDeletehttps://deutsche-wirtschafts-nachrichten.de/2017/09/08/anleger-schwaeche-des-dollar-wird-sich-fortsetzen/
Why are we focused on the fraud of the Russiagate "investigation" when the most important thing going on is the collapse of US hegemony? A war with Russia isn't going to help us, and very well may spell our doom.