FEB 14, 2018
Is March 26, 2018 the date we will look back on as the beginning of the end of the USD’s longtime reign as the world’s oil-trading currency? If China has their way, then yes.
Since the 1970s, the global oil trade has almost entirely been conducted in US dollars. The largest energy consumer, China, is interested in having oil contracts in its own currency. Beijing wants to create an Asian crude oil benchmark that would better reflect pricing for the oil imported and consumed in the world’s top importing region.
The Chinese government announced plans last year 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 contract could reportedly be launched on March 26 on the Shanghai International Energy Exchange (INE). The exchange has recently received the approval from China’s State Council.
ORIGINAL SOURCE: China about to throw down the gauntlet to the petrodollar at RT on 2/13/18