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Money

Can China’s Gold-Backed ‘Petro-Yuan’ End Dominance of the US Dollar?

April 28, 2018 Black Pigeon Speaks 0

The US dollar is being challenged by China’s oil-futures trading market that opened last month. If the Saudis sell more of their oil to China, the yuan-denominated oil contracts and the launch of the gold-backed petro yuan could be a serious blow against the US petro dollar as the world’s reserve currency. China’s ace in the hole is its announced intention to make the yuan fully convertible to gold which, if actually done, would make it more attractive globally than the US dollar.