China’s Gold Backed Petro-Yuan Challenges US Dollar Hegemony
Money

China’s Gold Backed Petro-Yuan Challenges US Dollar Hegemony

Its introduction poses the first ever challenge to petro-dollar dominance. China is the world’s largest oil importing/consuming nation. Gold-backed petro-yuan futures trading began Monday on the Shanghai International Energy Exchange, part of the Shanghai Futures Exchange – letting Chinese and foreign traders buy oil in yuan instead of dollars. For the first time, petro-yuan trading…

Gold Rush: Russia Stockpiling Bullion Like There’s no Tomorrow
Money

Gold Rush: Russia Stockpiling Bullion Like There’s no Tomorrow

The Central Bank of Russia has recently been buying bullion at an unprecedented pace. According to Argentine financial expert Gabriel Rubinstein, this policy is aimed at protecting the Russian economy in the event of crisis situations, including against dollar-related “manipulations” by the US. “Countries stockpile gold for strategic and defensive reasons; for instance, in case relations between nations are…

DOLLAR BLOW: China Launches New ‘Yuan-Ruble’ Payment Mechanism
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DOLLAR BLOW: China Launches New ‘Yuan-Ruble’ Payment Mechanism

The US received a major blow to its global hegemony, and one which is sure to trigger more fighting talk from hawks in Washington. This week it was announced that China has established a ‘payment versus payment‘ (PVP) system to clear Chinese yuan and Russian ruble transactions. The aim, we’re told, is to to “reduce…