Is China set to junk the global dollar hegemony?
Beijing will soon launch a yuan-denominated crude oil futures market that may eclipse the hitherto dominant dollar-based Brent and West Texas Intermediate (WTI) exchanges. In an additional challenge to the dollar’s role as the global reserve currency, the new “petro-yuan” will be convertible into physical gold at the Shanghai and Hong Kong gold exchanges. China had shrewdly plotted the dollar’s dethronement for years. While less than one percent of New York’s COMEX transactions are converted into...
- Опубликовано:
- 08.10.2017 00:42:31