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Yuan-backed oil futures can shatter the US dollar dominance on the crude market, according to experts polled by RT. However, the greenback will not give up the top spot easily. “The question number one is whether China will be able to make the oil market its demand market, and not the oil supply market traded […]
Muammar Gaddafi wanted to shatter the dominance of the greenback in the Middle East by introducing gold-backed dinar, but failed. China has a chance to finish what he started, one industry expert has told RT. “Ideas related to oil trade in currencies other than the dollar arose more than once. Some of them were severely […]
Crude oil prices rose to their highest level in over three years after yuan-backed crude oil futures debuted strongly on the Shanghai exchange on Sunday. North Sea Brent Crude surged above $ 71 per barrel for the first time since 2015 before retreating, though still trading strongly above $ 70 for only the second time […]
REUTERS/Jason Lee China is aiming to overthrow the U.S. dollar as the currency of choice for the oil market, a move that could have far-reaching consequences. Beijing hopes to challenge the dollar by setting up a futures market with its own currency, the yuan. To that end, reports indicate that China is set to introduce an oil […]
