China Introduces Gold-Backed ‘Petro-Yuan’ To Destroy US Petrodollar

(ANTIMEDIA) – CHINA – Financial analysts are increasingly pointing out that China has some incredibly grand plans when it comes to petroleum markets, and that if these plans succeed, the U.S. could see the dollar threatened as the leading international currency. From CNBC on Tuesday:

“China is hunting to make a main move against the dollar’s international dominance, and it could come as early as this year.”

“The new approach is to enlist the power markets’ enable: Beijing could introduce a new way to price tag oil in coming months — but as opposed to the contracts primarily based on the U.S. dollar that at the moment dominate international markets, this benchmark would use China’s personal currency.”

While analysts agree that China faces an uphill battle in dethroning the petrodollar — at the moment made use of to price tag two-thirds of the world’s marketed oil — widespread adoption of the “petroyuan” would, as CNBC wrote“mark a step toward difficult the greenback’s status as the world’s most highly effective currency.”

China’s plan is to peg oil to the yuan by way of crude oil futures contracts — agreements to sell a distinct commodity at a distinct price tag and date. The nation says its petroyuan, which some are predicting will launch prior to the finish of the year, will be totally convertible into gold on Shanghai and Hong Kong exchanges.

The establishment of the petroyuan will permit nations in search of to limit their dependency on the dollar — as effectively as circumventing U.S. sanctions — to acquire and sell oil by way of an option signifies. This is no compact point, says Gal Luft, co-director of the Institute for the Analysis of Global Security.

“Game changer it is not — at least not yet” Luft told CNBC“But it is yet another indicator of the starting of the glacial, and I emphasize the word glacial, decline of the dollar.”

Challenges to the petroyuan’s results are a lot of, like the reality that markets have been trading in dollars for more than 4 decades. Another, says John Driscoll, director of JTD Energy Services in Singapore, is the Chinese government itself.

“My greatest reservations are the function of the Chinese central government, possible state intervention and favoritism toward Chinese businesses,” Driscoll told CNBC. China could be world’s quickest increasing and most formidable power customer, but its central government plays a dominant function in the power sector.”

But as the world’s largest Freqimporter of crude oil, some analysts say China is in a position to make demands. This is precisely what it will do with Saudi Arabia, predicts Carl Weinberg, chief economist and managing director at Hiuency Economics. He also says this will have a domino impact on international markets.

“I think that yuan pricing of oil is coming and as quickly as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil industry will move along with them,” he told CNBC in early October.

Adam Levinson, a hedge fund manager at Graticule Asset Management Asia, seems to agree. He told Bloomberg Tuesday that the launch of the petroyuan will be a “wake up call” for any investors who haven’t been paying interest to China’s plans.

James Holbrooks /Creative Commons /Anti-Media / Report a typo

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Kyle James Leehttps://www.theaegisalliance.com
Majority Owner of The AEGIS Alliance. I studied in college for Media Arts, Game Development. Talents include Writer/Article Writer, Graphic Design, Photoshop, Web Design and Development, Video Production, Social Media, and eCommerce.

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