PetroYuan Futures Successfully Launched: Trades Over 40k Lots.
In this report I cover the successful launch of the yuan oil futures contract at the Shanghai International Energy Exchange. The PetroYuan futures traded over 40'000 lots or contracts on its first day. I have noted in the past how this new yuan denominated contract will pose a threat to the petrodollar's dominance since the middle 1970s.
I also cover the early market action from London on Monday, March 26th, 2018. I note that after a rough week for the stock market the Dow, S & P and Nasdaq futures are trading up over 1% prior to the U.S. regular hour trading session. I note that the markets should remain very volatile and that a lot could happen later on in the day.
"What March 26th, 2018 Will Mean to the Petrodollar": https://steemit.com/market/@maneco64/77asjnvv
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That`s interesting news
This is the beginning of the end of the US Dollar’s global domination.
Yes. It is an important date.
How it will effect the world @maneco64
I’ve put a link to a video in this report talking about your question.
The Petro-Yuan is an interesting one if you think about the dollar as being a backed currency rather than a fiat currency. It has been backed by oil in reality. Since QE and fall of the oil price in the past 10 years that backing has now been effectively destroyed. I think the petro-yuan is just the beginning, other asset backed national currencies will emerge.
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Hello sir you have very interesting thoughts
Very good report. We will see what happend next
This is big news over here in China. My wechat feed was filled with pictures from people who attended the Petrochina event. There is very little in-depth coverage and analysis by Western media, perhaps they are oblivious to what is happening.
As others have said, this is a watershed moment for the USD.