Saturday, March 31, 2018

Zero Hedge — In Unprecedented Move, China To Pay For Oil Imports With Yuan Instead Of Dollars

Just days after Beijing officially launched Yuan-denominated crude oil futures (with a bang, as shown in the chart below, surpassing Brent trading volume) which are expected to quickly become the third global price benchmark along Brent and WTI, China took the next major step in the internationalization of the Yuan, challenging the Dollar's supremacy as global reserve currency, when on Thursday Reuters reported that China took the first steps to paying for crude oil imports in its own currency instead of the US Dollars.
Zero Hedge
In Unprecedented Move, China To Pay For Oil Imports With Yuan Instead Of Dollars
Tyler Durden

See also

Ecns
Departure ceremony of China-Europe freight train service held in Shanghai

3 comments:

Matt Franko said...

Trump effect....

Tom Hickey said...

Planning started some time ago. News dates to 2016, lots in 2017, but that was when it was first being mentioned publicly.

Steve Grumbine said...

Not even sweating it. Not at all.

I probably should though... not because of the petroyuan... but because of inept tactics by the US and the ignorant electorate