Is this the end for the U.S. Petrodollar? China has officially launched it’s Yuan based oil future market. Upon its initial release, it is trading to a premium to its U.S. counterpart. Markets are definitely going to be shaken up especially after such a much anticipated move.
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Sources Used in This Video:
https://goo.gl/UpprQe
Chinese Oil Contract to Rival U.S. WTI and U.K.'s Brent Is Born - Bloomberg
https://www.bloomberg.com/news/articles/2018-03-26/china-s-first-ever-yuan-oil-futures-begin-trading-in-shanghai
Crude Oil
http://www.ine.cn/en/statements/sc/
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Yuan to be used for Sino-Russia oil trade
http://www.ecns.cn/business/2015/06-04/167968.shtml
Russian companies ‘de-dollarize’ and switch to yuan, other Asian currencies — RT Business News
https://www.rt.com/business/164752-russiia-de-dollarize-yuan-china/
Iran Is Ditching The Dollar In Foreign Trade | Business Insider
https://www.businessinsider.com.au/iran-is-ditching-the-dollar-in-foreign-trade-2015-1
China Takes Crude Crown as Output Lags Behind Rising Demand - Bloomberg Quint
https://www.bloombergquint.com/markets/2017/04/13/china-oil-imports-surge-past-u-s-to-record-as-output-stagnates
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