Petro-yuan
Amid China's ongoing rise in the global economy, a new petrocurrency called petro-yuan was introduced by Beijing in March 2018, when China opened futures market prevailing in Chinese currency Yuan.
- Petro-yuan to launch renminbi as global currency & kneecap petro-dollar
Yuan-backed oil futures can shatter the US dollar dominance on the crude market, according to experts polled by RT. However, the greenback will not give up the top spot easily.Business News - As trade war heats up, China hints at early ‘Petro-Yuan’
In its efforts to make its currency more international and break the US dollar’s global dominance, China is in the early stages of preparing to paying for oil imports in yuan, sources told Reuters.Business News - Why petro-yuan may become biggest game-changer of all time in capital markets
The historic launch of the long-awaited trading of Chinese crude futures this week has stirred up a heated debate among analysts as to whether the new commodity product will prosper or flop.Business News - Petro-yuan helps Russia & China dump US dollar in oil trade
China is the world's biggest crude consumer and buys most of its oil from Russia. However, most settlements are still in US dollars. The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead.Business News - Russia & China to kneecap petrodollar in 2018 predicts Saxo Bank
The world’s largest crude oil importer China is likely to roll out the petro-yuan next year predicts Saxo Bank. Beijing’s largest oil supplier Russia would gladly accept the yuan to phase out the dollar in trade with China.Business News
RT asks
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