The Rise Of The Petro-Yuan
Nick Cunningham, OilPrice.com
Oct. 29, 2017, Xi Jinping REUTERS/Jason Lee
China is aiming to overthrow the U.S. dollar as the currency of choice for the oil market, a move that could have far-reaching consequences.
Beijing hopes to challenge the dollar by setting up a futures market with its own currency, the yuan. To that end, reports indicate that China is set to introduce an oil benchmark priced in yuan in the coming months.
As the largest oil importer in the world, there is a great deal of logic in having oil contracts trade in yuan. But it won’t be easy to unseat the greenback.
Post From IQDCalls Chat Room
Chat Room News Excerpts & Highlights Early Monday 10-30-17
BobS: Just read the response from sandyf about the C-6 and C-7 explanation in the comment section. If you haven't read it, I suggest you take the time.
BobS: Massoud Barzani resigns after Kurdistan independence vote backfires. What is he stepping down from? He has been in control for a very long time. Kurdistan is in very deep do-do.
BobS: Have a great day. It has been a great one for the United States of America.