OCT 24, 2017
The Chinese Yuan currency for oil backed by gold futures contract has broken into mainstream media and is a wake up call and a game changer.
For more in-depth analysis please read Jeff Clark, Senior Precious Metals Analyst's; "Another Potential Game Changer for Gold Supply: Chinese Oil Imports Convertible to Gold"
Here's the headlines below;
The plan is to price oil in yuan using a gold-backed futures contract in Shanghai
Bloomberg: China's Oil Plans Will Be a 'Wake Up Call'
The move toward creating a so-called “petro-yuan” will be a “huge story,” Levinson, the founder and chief investment officer of Singapore-based Graticule
The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan.