The news that President Donald Trump offered to hold a meeting with his counterpart in the Kremlin, Vladimir Putin, has the political world in an uproar. Furiously keyboards are chattering away as laptop bombardiers are worried that perpetual war for perpetual empire will end if Trump and Putin see eye to eye on anything. From…
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…
Few geoeconomic game-changers are more spectacular than yuan-denominated future crude oil contracts – especially when set up by the largest importer of crude on the planet. And yet Beijing’s media strategy seems to have consisted in substantially play down the official launch of the petro-yuan at the Shanghai International Energy Exchange. Still, some euphoria was…
The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per…
Summary The US dollar enjoys a special privilege in the world due to its dominance in the global oil trade. The agreement that created this dominance was predicated on the United States being the largest oil importer in the world, which is no longer the case. China is rolling out a new gold-backed yuan oil…
From 1945 to the present day, the US and its close European allies have developed a geopolitical narrative which in the minds of its authors, offered a blueprint for international peace and prosperity. According to this narrative, confrontational multi-party democracy, a rejection of constitutional secularism, an internally de-regulated market, an adversarial press and geopolitical alliances…
