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China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance

Posted: Tue Feb 13, 2018 6:09 pm
by Floyd
https://www.rt.com/business/407704-chin ... -contract/

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.