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FSN: Rise of the PetroYuan
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
by Dan Collins
Financial Sense
How the Chinese currency is replacing the U.S. Dollar in global oil markets
History is being written in the East. As the U.S. stays distracted with stone age warriors in Central Asia and the Middle East, the last platform of the American economic foundation, the U.S. Dollar’s currency reserve status, is being underminded by their trade partners in Asia. Both Australia and Japan are set to start direct-trading in Chinese currency and they are not the only ones. There are almost 20 countries whom have currency swaps in place with China all in order to side-step the U.S. Dollar in global trade. At the China Money Report, we have written extensively on the “Rise of the Renminbi”. What is new and largely unreported and what we will cover in this article is the “Rise of the Petroyuan,” as China is now converting its oil imports into Chinese Yuan as opposed to U.S. Dollars. This will be a new challenge and possibly the fatal blow to the U.S. Dollar as the dominant global reserve currency.
Continue Reading at FinancialSense.com…
2013-04-16 01:15:06
Source: http://silveristhenew.com/2013/04/15/rise-of-the-petroyuan/
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