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Maybe, maybe not. Still waiting for the U.S. response to the Petro-Yuan. More economic sanctions? … That might backfire.

China, Russia, Iran, Venezuela, and a few other countries are pretty determined to break free of the Petro-Dollar monopoly. But it will likely take a few years for global markets to accept the upstart Petro-Yuan challenger.

And the Chinese government tends to prefer slow, deliberate, incremental steps toward its long-term goals, rather than just flipping over the game table in a fit of frustration.

The Petro-Yuan will likely remain a long game.