China launches petro-yuan - Death of US dollar?
As promised China launches petro-yuan on March 26th . The long-awaited step evoked a surge in global prices for oil with Brent Crude soaring to $71 a barrel for the first time since 2015. US crude benchmark West Texas Intermediate (WTI) reached the highest level in three years at $66.55 per barrel, before retreating to $65.53.
Experts see China’s yuan-dominated contracts as historic as the new futures symbolize the first time that foreign investors can access a Chinese commodity market. The launch ends years of setbacks and delays since the country’s first attempt at listing the securities in 1993.
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My feeling is that the isolationism and threat of trade wars are a means to isolate the north american markets (if NAFTA survives). Remember that once upon a time the US ran the entire federal government from tariffs. It might keep some value in USD that way.
Yes , but back in that time US did not have huge bureaucracy and military . Also timing is very telling , imposing tariffs just days before launch of petro-yuan . We'll see what happens ...
Great one.
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