So whether it will be Petro-yuan or Petro-BRICS remains to be seen. However, one thing is for sure, the Dollar+X currency reserve system is fast becoming a reality.

Future Petro-Yuan? Bringing this up to date, it was a long time ago when the link between oil and the dollar mattered much at all beyond the financial returns of non-dollar based oil companies.

One thing that a petro-yuan cannot deliver to the Middle East is a "big stick". The US military has global reach, whereas China has a coastal navy, no long range air force, and just one overseas base.

Earlier this year, China launched its first crude oil futures contract denominated in its own currency – the yuan. That moment, duly noted via the screens of the Shanghai International Exchange ...

The era of the petro-yuan is at hand. Of course, there are questions on how Beijing will technically manage to set up a rival mark to Brent and WTI, or whether China’s capital controls will ...

A petro-yuan backed by and fully convertible to gold brings a stable confidence frame to support what may very well become “Oil for Gold” or “Petro-yuan for Gold”.

The petro-yuan got further support when President Putin demanded payment in ruble for Russian oil and gas exports from the unfriendly countries of the world meaning the EU and the. United States.

The petro-yuan can also be seen as the latest move in a broader geopolitical tussle between the US and China, reminiscent of the 19th-century struggle between the UK and Russia over the control of ...

Most of the world’s commodity trading is denominated in U.S. dollars, but the Chinese yuan, also known as renminbi, threatens to make some inroads.

Petro-Yuan Still Far-Fetched Even Amid Saudi Mulling Oil Deals. Saudi Arabia weighs pricing oil sales to China in yuan: report; China’s onshore yuan rises 0.4%, most since December ...

Although China over took the US as the largest oil importer, it is very unlikely the petro-Yuan will over take the petro-$ in the short run, less than 10 years.

Why petro-yuan is posing little threat to petro-dollar China’s moves to set up trading oil in yuan have sparked enthusiasm about what could be a shift in the global financial system: a reduced ...