Jungle Drum NEWSWIRE
[Jungle Drum Newswire has been officially decommissioned but will remain online as a resource and to preserve backlinks; new site here.]
Independent Publishing
 
"It has always been the radical few that determine the course of the many" -- Anon

» Gallery


Search

search comments
advanced search


Download

Download



this site  web    
Avoid Google's intrusive, snoopware technologies!


We are ONE
We are ONE


http://jungledrum.lingama.net/news/newsfeed.php

"Asymmetry
is a
Keyboard"


Google, your data suppression methods are obvious, easily recorded, abysmally inept and generally pathetic.

The simple fact that you actively engage in suppressing this and other alternative news sites means we have won and TRUTH will prevail in the end.
Sister sites and affiliates:
Current active site here.
printable version
PDF version

China's Launch of 'Etro-yuan' Sounds Death Knell for Dollar's Dominance
by staff report RT via jane - RT Wednesday, Oct 25 2017, 11:51pm
international / prose / post

One of the world’s top energy importers, China, is set to roll out a yuan-denominated oil contract as early as this year. Analysts call the plan, announced by Beijing in September, a huge move against the dollar's global dominance.

monopoly.jpg

The so-called petro-yuan is a “wake up call” for investors who haven’t paid attention to the Chinese plans, according to the head of Graticule Asset Management Asia Adam Levinson, as quoted by Bloomberg.

Earlier this year, the Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold. The contract will enable the country's trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.

The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.

The analyst said the new contract would be able to serve as a hedging tool for Chinese corporations, as well as support the government’s broader plans to extend the use of the national currency in trade settlement.

According to Levinson, Chinese companies might grow into anchor investors in Saudi Arabia’s initial public offering of its national oil giant, Saudi Aramco. At the same time, some analysts are skeptical of China’s ambitious plan to create its own benchmark.

“Game changer it is not — at least not yet. But it is another indicator of the beginning of the glacial, and I emphasize the word glacial, decline of the dollar,” said Gal Luft, co-director of the Institute for the Analysis of Global Security, as quoted by CNBC.

The end of US dollar hegemony has been a consistent message from Russian President Vladimir Putin.

“Russia shares the BRICS countries’ concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies. We are ready to work together with our partners to promote international financial regulatory reforms and to overcome the excessive domination of the limited number of reserve currencies,” Putin said two months ago during the BRICs summit in Xiamen

Copyright applies.

gold.jpg


 
<< back to stories
 

© 2012-2024 Jungle Drum Prose/Poetry.
Unless otherwise stated by the author, all content is free for non-commercial re-use, reprint, and rebroadcast, on the net and elsewhere.
Opinions are those of the contributors and are not necessarily endorsed by Jungle Drum Prose/Poetry.
Disclaimer | Privacy [ text size >> ]