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Western MSM should really be paying more attention to the PetroYuan. It will likely take years of many incremental steps by the Chinese government. And its global effects will likely be significant, and a game changer for the PetroDollar monopoly.
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“As the yuan progressively reaches full consolidation in trade settlement, the petro-yuan threat to the US dollar, inscribed in a complex, long-term process, will disseminate the Holy Grail: crude oil futures contracts priced in yuan fully convertible into gold.

That means China’s vast array of trade partners will be able to convert yuan into gold without having to keep funds in Chinese assets or turn them into US dollars. Exporters facing the wrath of Washington, such as Russia, Iran or Venezuela, may then avoid US sanctions by trading oil in yuan convertible to gold.”

http://www.atimes.com/article/china-taking-long-road-solve-petro-yuan-puzzle/

China taking the long road to solve the petro-yuan puzzleA number of pieces have to fall into place before the petrodollar moves into second place