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.
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Sources Used in This Video:
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Chinese Oil Contract to Rival U.S. WTI and U.K.'s Brent Is Born - Bloomberg
https://www.bloomberg.com/news/articles/2018-03-26/china-s-first-ever-yuan-oil-futures-begin-trading-in-shanghai
Crude Oil
http://www.ine.cn/en/statements/sc/
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Yuan to be used for Sino-Russia oil trade
http://www.ecns.cn/business/2015/06-04/167968.shtml
Russian companies ‘de-dollarize’ and switch to yuan, other Asian currencies — RT Business News
https://www.rt.com/business/164752-russiia-de-dollarize-yuan-china/
Iran Is Ditching The Dollar In Foreign Trade | Business Insider
https://www.businessinsider.com.au/iran-is-ditching-the-dollar-in-foreign-trade-2015-1
China Takes Crude Crown as Output Lags Behind Rising Demand - Bloomberg Quint
https://www.bloombergquint.com/markets/2017/04/13/china-oil-imports-surge-past-u-s-to-record-as-output-stagnates
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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?
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Thanks for sharing :)
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You're welcome. Thank you for watching it
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I don't know if crashing the dollar is good for they yuan. In fact it has been a race to the bottom for years with currencies. Exporters want cheap money. Canada's economy had a great few years because the money was cheap vs the us. So a really strong petro yuan probably isn't wanted. Just a thought.
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Definitely looking at all of these geopolitical events and seeing the effect. All countries are attempting to undermine their own currencies.
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The relevance of the US dollar will take a hit and its dominance as a reserve currency will surely be impacted as well. How long will the transition take and who (or what) will replace it?
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My personal belief is that there will be a major crisis and the world powers will get together and decide what the next monetary system will be. It will be some sort of global currency to back the nations currencies. Something like the IMF SDR.
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The end is near.....
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I'm excited to see where this goes!
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Things sure have picked up since Junior ran oil.
frame from: "Some Like It Hot"
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Hi@themoneyps thanks for sharing infomation.Regards
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