China right now, is preparing the launch of their own oil futures contracts in their local currency to enter the world stage in direct competition of the US Petro Dollar, In an effort to promote the yuan as a global reserve currecny.
This is big news about the global economy mainstream news simply won't talk about...
The "Petro-yuan" oil future's is set to be released on Chinese exchanges on Jan 18, it seems President Xi Jinping is playing the long game in this move as initially this will not hurt the US dollars stance on world trade.
This move will allow China to undercut the Petro dollar and take more of the global trade in the long run, Futures trading usually outpaces current trading by up 20 to 1 ratio....
Sources:
https://www.trunews.com/article/china-expected-to-shake-up-oil-markets
https://www.rt.com/business/413107-petro-yuan-futures-trading/amp/