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 barrel, reports Chinese daily the South China Morning Post. Some 18,540 lots have reportedly been sold and purchased so far.
The long-awaited step evoked a surge in global prices for oil with Brent Crude soaring to $71 a barrel for the first time since 2015. US crude benchmark West Texas Intermediate (WTI) reached the highest level in three years at $66.55 per barrel, before retreating to $65.53.
Experts see China’s yuan-dominated contracts as historic as the new futures symbolize the first time that foreign investors can access a Chinese commodity market. The launch ends years of setbacks and delays since the country’s first attempt at listing the securities in 1993.
At the same time, the petro-yuan launch is seen as a blow to the US dollar that has been weakening in recent months. The US dollar is the predominant settlement currency for oil futures contracts. On Monday, the greenback slipped to a 16-month low against the Japanese yen, but remained steady against a basket of six major currencies.
The greenback will get weaker, as soon as other nations have a real credible alternative to it, Ann Lee, Adjunct Professor of Economics and Finance at New York University and author of the book ‘What the US Can Learn From China’, told RT.
“It is more of a game changer for the US. As soon as other nations have a real credible alternative to the US dollar, they can dump dollars and switch to the yuan which can spark a dollar crisis. If that happens, not only will there be inflation from the tariffs, but also from the flood of dollars,” said Lee.
Hopefully this puts an end to the printing of the US dollar, or better name would be the “deep state dollar”. I for one am looking forward to it.
Amen to that one Ray. The sooner the better…
Its just more reinforcement for the Rape of the US Dollar, and the rest of the West by a Communist Regime that treats workers poorly, the environment even worse, and trade and currency as their own to manipulate as they wish – some future for a world already starved of truth, justice and access to civilised society
It could well seen as a way for sovereign countries, or countries that are supposed to be sovereign to print their “Own” currencies! A multi polar world “)
Your theory is logically undermined by the fact that most (if not all) countries currently do “print their “own” currencies!” Hardly relevant, if at all. Indeed the opposite is factually correct – only the US, UK and now CHINA have this exclusive and unique opportunity to sell Oil Futures in their own currency. Hardly fair, democratic or just by almost any measure.
All I SEE is the switching of ONE, Fiat Currency for ANOTHER Fiat currency…And, WHY are the Chinese including Petro (OIL) as a currency back up when ANY “Cosmic” informed people realize that OIL as an “Energy” form was proven “Obsolete” since WW2 ended???
There videos on line at You Tube PROVING this:
http://www.youtube.com/watch?v=iDL-tcIRo6k/
There has been “Free-Energy” being HIDDEN from US for a LONG time by OUR supposed “Governments”…CHARGING US at the SAME time!!!
There are LOADS more like this one on line sowing all the LIES we are being fed!!!
I SEE they removed IT…I WONDER “WHY”????
After Bretton Woods, the US FIAT currency was supposed to reflect a promise to pay the equivalent in value in a commodity, like silver and/or gold. In ’71/72, Nixon changed this. Since then its been backed by Black Gold.. Now, as then, this is the geostrategic economic game – control these
resources as part of economic primacy and political hegemony dominated by purely financial business models.
FIAT (paper) currency is classic legalism at its oxy-moronic best – this here bit of paper is a promise to pay, exchange or otherwise settle [legal] debts. But in a financial system based on two simple notions; Debt & Credit [Luca Paoli, 1460 ish?] and a legal system based on Master and Servant, the outcome becomes more obvious. One FIAT for another? Makes perfect sense…
Only problem is, there was NEVER suppoesed to be a “Master & Servant” arrangement in the FIRST place, and that’s what is going away soon…Just as OIL as a form of ENERGY will go away too.
FREE ENERGY WILL REPLACE “ALL” FORMS OF “CONTROL”…AND, by the way folks…Investing in what is now called “Futures” is Foolishness when understanding OIL’s future…Remember WHO “Created” that term???…ENRON!..
It works EXACTLY like “Fractional Reserve Currency”…Like “Gambling” in a “Casino” that is RIGGED so “The House ALWAYS Wins”.
USA Inc and China/Russia are all corporations controlled by offplanet intelligences manipulating geopolitics covertly using Geomancy and subtle frequency modulation. 60Hz in N America and 50 Hz in Europe and China are not fractal. 55 Hz is as 55 is resonant to nature’s Golden Mean Fibonacci sequence. 1,1,2,3,5,8,13,21,34,55,89,144…
5 and 55 are the 5th and 10th
Numbers in this series and 55 Hz will synchronize digital to analog without hysteresis ( interference ).
NanoCrystal Electricty, Vitroperm and Vortex Based Math coils will bring harmony to the living planet and people.
http://www.keppemotor.com/institucional/what-is-keppe-motor/?lang=en
@Darren
That “Off-Planet” entity you refer to is actually proving to be “Under-Ground” and NOT in space at all…Evidence is fast piling up FAST that such is the case on line.
Here is just ONE video showing this to be true: http://www.youtube.com/watch?v=95N4_GMM2nU/
The LATEST base to be destroyed was off the coast of California…an UNDERGROUND base…of which MOST are.
SOMEONE has moved the video to another location…Try THIS one:
http://www.youtube.com/watch?v=2TebGSZ2EQE/
This video shows WHY and HOW all space travel is IMPOSSIBLE for 3D man.