Activity

And so here is the PetroYuan’s *3rd* shot across the bow of the PetroDollar monopoly.

The first shot across the bow was the actual launching of the PetroYuan, after years of delays.

Then, less than a week after the launch of the PetroYuan, China made public its plans to pay for oil in Yuan instead of the U.S. Dollar.

Now, China is openly saying it is challenging the entire PetroDollar system, and also challenging the U.S. Dollar’s status as the default international reserve currency.

I’m *still* waiting for the reaction by 2 key counties, the USA and Saudi Arabia.

Russia, Iran and Venezuela are waiting as well to see how this plays out.

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“… An important move by Beijing to open up its financial sector, the new crude benchmark has garnered increasing attention, because it challenges the current dollar-dominated pricing scheme of crude oil markets – commonly known as the petrodollar system – which helps underpin the dollar’s status as the major international reserve currency.

Once the yuan-denominated crude futures market is established as a major oil benchmark with active trading volume and significant domestic and global investor participation, the acceptance of the Chinese yuan as a mode of global transaction will rise. …”

http://www.globaltimes.cn/content/1095841.shtml

‘Petroyuan’ to propel currency internationalization - Global TimesThe Shanghai debut of China’s first yuan-denominated crude futures trading market on Monday proved a great success, with major domestic and foreign traders displaying active interest. Total turnover amounted to 18.3 billion yuan ($2.9 billion) on the first trading day.