A recent move by China could take a big step toward dethroning the US petrodollar. The Chinese have announced the launch of a gold-backed, yuan-denominated oil futures contract. The move potentially creates a way for oil exporters to circumvent US dollar denominated benchmarks by trading in yuan. The contracts will be priced in yuan, but […]
Gold-Backed, Yuan-Denominated Oil Futures Could Dethrone US Petrodollar
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