{"id":27193,"date":"2017-10-24T16:43:17","date_gmt":"2017-10-24T21:43:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27193"},"modified":"2017-10-24T16:43:17","modified_gmt":"2017-10-24T21:43:17","slug":"its-a-huge-story-china-launching-petroyuan-in-two-months","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27193","title":{"rendered":"“It’s A Huge Story”: China Launching “Petroyuan” In Two Months"},"content":{"rendered":"

“It’s A Huge Story”: China Launching “Petroyuan” In Two Months<\/a>\u00a0<\/span><\/h3>\n
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As a reminder, nothing lasts forever…<\/strong><\/a><\/p>\n

<\/a><\/p>\n

The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.<\/p>\n

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank.<\/strong><\/p>\n

“The solution to this is to replace the national currency with a global currency.”<\/strong><\/p><\/blockquote>\n

The writing is on the wall for dollar hegemony. As Russian President Vladimir Putin said almost two months ago<\/a> during the BRICs summit in Xiamen,<\/p>\n

\u201cRussia shares the\u00a0BRICS countries\u2019 concerns over the\u00a0unfairness of\u00a0the\u00a0global financial and\u00a0economic architecture, which does not give due regard to\u00a0the\u00a0growing weight of\u00a0the\u00a0emerging economies. We are ready to\u00a0work together with our partners to\u00a0promote international financial regulation reforms and\u00a0to\u00a0overcome the\u00a0excessive domination of\u00a0the\u00a0limited number of\u00a0reserve currencies.\u201d<\/p><\/blockquote>\n

As Pepe Escobar recently noted,<\/a> ‘to overcome the excessive domination of the limited number of reserve currencies’ is the politest way of stating what the BRICS have been discussing for years now; how to bypass the US dollar, as well as the petrodollar.<\/strong><\/em><\/p>\n

Beijing is ready to step up the game. Soon China will launch a crude oil futures contract<\/a> priced in yuan and convertible into gold.<\/p>\n

This means that Russia \u2013 as well as Iran, the other key node of Eurasia integration \u2013 may bypass US sanctions by trading energy in their own currencies, or in yuan.<\/strong><\/p>\n

Inbuilt in the move is a true Chinese win-win; the yuan will be fully convertible into gold on both the Shanghai and Hong Kong exchanges.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

“It’s A Huge Story”: China Launching “Petroyuan” In Two Months\u00a0 As a reminder, nothing lasts forever… The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system. “The dominance of the greenback is the root cause of global financial […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1860,130,6466,679,694,839,857,888],"class_list":["post-27193","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-brics","tag-china","tag-petroyuan","tag-reserve-currency","tag-russia","tag-us-dollar","tag-vladimir-putin","tag-world-bank"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27193"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27193\/revisions"}],"predecessor-version":[{"id":27194,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27193\/revisions\/27194"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}