US dollar ‘Empire of Debt’ will go to war to stop emergence of petro-yuan
Beijing is ready to step up the game. Soon China will launch a crude oil futures contract priced in yuan. This means that Russia – as well as Iran, the other key node of Eurasia integration – may bypass US sanctions by trading energy in their own currencies, or in yuan. Inbuilt in the move is a true Chinese win-win; the yuan - according to some - will be fully convertible into gold on both the Shanghai and Hong Kong exchanges.
The new triad of oil, yuan and gold is actually a win-win-win. No problem at all if energy providers prefer to be paid in physical gold instead of yuan. The key message is the US dollar being bypassed.
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Holy fawking sheet... Sounds like a power move.
Although it may not fit the timeline of US plans for disruption in the region, Libya was also planning on a gold backed exchange for their oil prior to US invasion......