"WTF has China's new oil futures market to do with us Minds punters?" you might well ask.
It is in fact going to affect us all not just commodities traders, oil speculators and hedge fund managers. The thing is the Chinese (and their BFFs The Russians and Iranians did not just set up this venture because they fancied dabbling in the oil trade.
The launch of the gold backed Petroyouan on the Shanghai financial markets is the culmination of several years manoeuvreing by China and its allies to create a rival trading system to the Petrodollar which has dominated international trade for over forty years. I reported on the news HERE and in several other posts.
Few people are aware of how reliant the US economy has become on the position of the US$ as the global reserve currency. This is because mainstream media never reports on it and TV pundits dare not mention it for fear of losing their lucrative gigs as talking heads on TV. I have talked about it since the very beginning, when Saddam Hussein decided he didn't need the Petrodollar, modern technology could trade his oil for any currency he fancied. And we all know what happened to him.
Nothing will change overnight, or next month or for several months, but gradually we will see a further shift of economic power from west to east. And that will affect prices, jobs, our standards of living and much more
De - dollarization Moves Ahead - Once Again We Told You So
G77 Nations vow to destroy petrodollar and America's New World Order
Petrodollar Alert: Putin Prepares To Announce 'Holy Grail' Gas Deal With China