Then its time to buy bitcoin again
Topic: Dollar Under Threat: China Readies Yuan Crude Oil Benchmark Backed By Gold (Read 274 times)
October 31, 2017, 10:10:43 AM
soon asia is goin to trade with their own money. Shnagai five or any other chambers will make this happen soon.
Then its time to buy bitcoin again
Then its time to buy bitcoin again
October 31, 2017, 10:03:34 AM
I do not believe that China will succeed. China are one of the largest importers of oil. As an importer can dictate the terms? They can only offer. What will they do if exporters do not want to trade in yuan? In China, a lot of the population and they will not long survive at the expense of its reserves. China is a big country but they are not so strong to impose their conditions.
October 31, 2017, 09:43:24 AM
To be honest though, is this really newsworthy? I mean, changing from measuring the price of oil in USD to Gold isn’t really that big of a deal. Or am I missing something here?
It is more about Yuan and limiting risks associated with dollars. About 70 per cent of Chinese reserves of more than $2,000bn are believed to be held in dollars. There is a high probability that the US will inflate its way out of its $19 trillion debt. Chinese Yuan is the third reserve currency and China being world's top oil importer, $116,171,247 (2016), it does make sense to price oil in Yuan.
Yuan-denominated, backed by gold, oil futures market would increase the demand for Yuan if major crude oil exporters like Saudi Arabia, Russia, and Iraq adopt petroyuan. Chinese Yuan is pegged to the dollar, Yuan pegged to oil, it might challenge dollar’s dominance in the petrochemical market.
October 31, 2017, 06:20:59 AM
The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan.
Click here to watch this video:
https://goldsilvernews.blogspot.ca/2017/10/dollar-under-threat-china-readies-yuan.html
As Gold is being brought back in business that will add new boost and confidence for traders as well.
October 31, 2017, 04:17:24 AM
To be honest though, is this really newsworthy? I mean, changing from measuring the price of oil in USD to Gold isn’t really that big of a deal. Or am I missing something here?
Changing the measurement of prices in USD to Gold really is not a big deal for others that are outside US, but in economics it matters. For sure it wont affect outsiders and it will benefit Chinese, but it wont be convenient for Americans at all. I feel bad for them though the rein of their national currency might meet it's end. This also matters because this can be a historical point for economics in the future. 
October 31, 2017, 03:26:31 AM
USD has been the global reserve currency for more than 70 years.Its in its final stage.China and Russia had been trying from earlier to replace USD by another currency for buying oil from some gulf nations.Iran had already agreed to sell its crude oil in any country's national currency instead of USD.
Now,almost the time has come.OPEC nations selling crude oil in USD only is the main reason for USD becoming such a powerful currency.Now,its going to be almost shaken.
If it is followed by other nations too,then very soon USD may collapse.
Now,almost the time has come.OPEC nations selling crude oil in USD only is the main reason for USD becoming such a powerful currency.Now,its going to be almost shaken.
If it is followed by other nations too,then very soon USD may collapse.
October 30, 2017, 05:17:21 PM
There's a school of thought which claims the US military invaded Iraq in 2003 partly due to Saddam Hussein selling oil priced in the euro rather than the US dollar. Expositionary info:
The above article was published in february. The US invasion of Iraq occurred a month later in march.
A nation having its currency adopted as a reserve currency can be a method of control as well as a system for maintaining economic stability. China and russia choosing to denominate their oil in their own respective currencies rather than the US dollar, could be interpreted as a move on their part to escape the US influencing their affairs. Similar to russia creating their own version of the SWIFT financial network to avoid relying on a monopolized system they have no control over. It could also be interpreted as growing concern as america's deficit tops $20 trillion the rational response could be to avoid the dollar as a form of damage control if a worst case scenario occurs.
The biggest story here could be the media blackout on the USA and EU having massive deficits which are more dangerous than terrorists, war or anything else the media commonly cites as looming threats.
Quote
Iraq nets handsome profit by dumping dollar for euro
Saturday 15 February 2003 20.55 EST
A bizarre political statement by Saddam Hussein has earned Iraq a windfall of hundreds of million of euros. In October 2000 Iraq insisted on dumping the US dollar - 'the currency of the enemy' - for the more multilateral euro.
The changeover was announced on almost exactly the same day that the euro reached its lowest ebb, buying just $0.82, and the G7 Finance Ministers were forced to bail out the currency. On Friday the euro had reached $1.08, up 30 per cent from that time.
Almost all of Iraq's oil exports under the United Nations oil-for-food programme have been paid in euros since 2001. Around 26 billion euros (£17.4bn) has been paid for 3.3 billion barrels of oil into an escrow account in New York.
The Iraqi account, held at BNP Paribas, has also been earning a higher rate of interest in euros than it would have in dollars.
https://www.theguardian.com/business/2003/feb/16/iraq.theeuro
Saturday 15 February 2003 20.55 EST
A bizarre political statement by Saddam Hussein has earned Iraq a windfall of hundreds of million of euros. In October 2000 Iraq insisted on dumping the US dollar - 'the currency of the enemy' - for the more multilateral euro.
The changeover was announced on almost exactly the same day that the euro reached its lowest ebb, buying just $0.82, and the G7 Finance Ministers were forced to bail out the currency. On Friday the euro had reached $1.08, up 30 per cent from that time.
Almost all of Iraq's oil exports under the United Nations oil-for-food programme have been paid in euros since 2001. Around 26 billion euros (£17.4bn) has been paid for 3.3 billion barrels of oil into an escrow account in New York.
The Iraqi account, held at BNP Paribas, has also been earning a higher rate of interest in euros than it would have in dollars.
https://www.theguardian.com/business/2003/feb/16/iraq.theeuro
The above article was published in february. The US invasion of Iraq occurred a month later in march.
A nation having its currency adopted as a reserve currency can be a method of control as well as a system for maintaining economic stability. China and russia choosing to denominate their oil in their own respective currencies rather than the US dollar, could be interpreted as a move on their part to escape the US influencing their affairs. Similar to russia creating their own version of the SWIFT financial network to avoid relying on a monopolized system they have no control over. It could also be interpreted as growing concern as america's deficit tops $20 trillion the rational response could be to avoid the dollar as a form of damage control if a worst case scenario occurs.
The biggest story here could be the media blackout on the USA and EU having massive deficits which are more dangerous than terrorists, war or anything else the media commonly cites as looming threats.
October 30, 2017, 01:37:47 PM
To be honest though, is this really newsworthy? I mean, changing from measuring the price of oil in USD to Gold isn’t really that big of a deal. Or am I missing something here?
October 30, 2017, 01:13:46 PM
I believe at this point, its un-avoidable. China and Russia are moving to supplant the US dollar, as foreign reserve currency of the world.
October 27, 2017, 12:31:58 PM
The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan.
Click here to watch this video:
https://goldsilvernews.blogspot.ca/2017/10/dollar-under-threat-china-readies-yuan.html
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