It finally launched! They said it wouldn’t happen but it did. After many delays and much skepticism, the Yuan based oil futures market has launched.
Will this be a DEATH BLOW to the PETRODOLLAR?
Is this the end for the U.S. Petrodollar? China has officially launched it’s Yuan based oil future market. Upon its initial release, it is trading to a premium to its U.S. counterpart. Markets are definitely going to be shaken up especially after such a much anticipated move.
Chinese Oil Contract to Rival U.S. WTI and U.K.’s Brent Is Born – Bloomberg
Yuan to be used for Sino-Russia oil trade
Russian companies ‘de-dollarize’ and switch to yuan, other Asian currencies — RT Business News
Iran Is Ditching The Dollar In Foreign Trade | Business Insider
China Takes Crude Crown as Output Lags Behind Rising Demand – Bloomberg Quint