Wall Street is bracing for a potential shake-up as China is set to launch its first-ever crude oil futures contract late March at the Shanghai Futures Exchange. The move, which had been laid out in 2012 but faced delays over possible market turbulence, could represent a bold step forward in China’s rise as an economic…
You know that the jig is up for the petrodollar when the best argument its apologists can come up with is that “the petrodollar system is bad, but a petroyuan system will be worse.” Of course, the petrodollar won’t be dethroned tomorrow, but the writing is definitely on the wall. China is expected to launch its…
Petrodollars have dominated the global energy markets for more than 40 years. But now, China is looking to change that by replacing the word dollars for yuan. Nations, of course, have tried this before since the system was set up by former US Secretary of State Henry Kissinger in tandem with the House of Saud back…
One of the world’s top energy importers, China, is set to roll out a yuan-denominated oil contract as early as this year. Analysts call the plan, announced by Beijing in September, a huge move against the dollar’s global dominance. The so-called petro-yuan is a “wake up call” for investors who haven’t paid attention to the…
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…
As seen in my previous article, US military power is on the decline, and the effects are palpable. In a world full of conflicts brought on by Washington, the economic and financial shifts that are occurring are for many countries a long-awaited and welcome development. If we were to identify what uniquely fuels American imperialism and…
