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China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
RT,
25
October, 2017
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.
Petrodollar demise? #Russia, #China, #Iran move oil trade away from US dollar – Jim Rogers on.rt.com/8nbd
Petrodollar
end looming as China & allies dump it in oil trading - Jim Rogers
— RT Business
Beijing
has announced plans to start a crude oil futures contract priced in
yuan and convertible into gold. The step might lead to the emergence
of a new Asia-based crude oil benchmark to compete...
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.
Venezuela
ditches dollar for oil payments to dodge US penalties — RT Business
Caracas
has ordered oil traders to convert crude oil contracts into euro and
not to pay or be paid in US dollars anymore, according to sources
close to the matter as quoted by WSJ. The measure is...
The
analyst said the new contract would be able to serve as a hedging
tool for Chinese corporations, as well as support the government’s
broader plans to extend the use of the national currency in trade
settlement.
According
to Levinson, Chinese companies might grow into anchor investors in
Saudi Arabia’s initial public offering of its national oil giant,
Saudi Aramco.
#China
could shatter petrodollar by compelling #SaudiArabia to trade oil in
At
the same time, some analysts are skeptical of China’s ambitious
plan to create its own benchmark.
“Game
changer it is not — at least not yet. But it is another indicator
of the beginning of the glacial, and I emphasize the word glacial,
decline of the dollar,” said Gal Luft, co-director of the Institute
for the Analysis of Global Security, as quoted by CNBC.
The
end of US dollar hegemony has been a consistent message from Russian
President Vladimir Putin.
“Russia
shares the BRICS countries’ concerns over the unfairness of the
global financial and economic architecture, which does not give due
regard to the growing weight of the emerging economies. We are ready
to work together with our partners to promote international financial
regulatory reforms and to overcome the excessive domination of the
limited number of reserve currencies,” Putin said two months ago
during the BRICs summit in Xiamen.
America’s cold war on China is no longer just a trade war – it is a war forthe Dollar and Federal Reserve
The US provokes China with demoralised sailors, all in the name of the US Dollar, while at the same time, attempting to restrict China’s organically expanding geo-political influence.
On path to de-dollarization: World tired of funding US military adventurism – Max Keiser
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.
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