China made powerful blow to the U.S. benchmark price of oil will now be in yuan, “the gold standard” will bury the dollar
It became known that China will soon introduce a futures contract on the supply of oil that will be measured not in dollars, as usual, while the Chinese yuan backed by gold.
Thus, the main oil exporter on the world market, China has taken the first step to the abandonment of the dollar in the oil trade.
This innovation of China will lead to the emergence of Asian benchmark prices for oil. Many countries can use this new standard without dollar standards, conducting calculations in yuan, the newspaper writes Еlitetrader.ru
Now preparations are underway for the introduction of new “Yanevich” futures on the world market, launch is scheduled in late 2017.
According to analysts, the software gold the Chinese gold futures, making them an attractive tool for sellers of oil, who will try to avoid dollar payments.