Socio-Economics History Blog

Socio-Economics & History Commentary

Game Changer! China to Buy Oil with Gold-Backed Yuan, Russia’s Backdoor Deals

  • DAHBOO777 Published on Sep 13, 2017
    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. Learn More:

    https://www.rt.com/usa/403118-usa-chi…
    http://russia-insider.com/en/politics…
https://asia.nikkei.com/Markets/Commodities/China-sees-new-world-order-with-oil-benchmark-backed-by-gold

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September 14, 2017 - Posted by | Economics, GeoPolitics | , , , , , , , , ,

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