Rise of petro-yuan provides dilemma for Saudi Aramco | Arab News:
"The Chinese move was an instant success, with trading volumes overtaking traditional Brent futures in London on the opening day. It remains to be seen how the pattern will settle down long-term, but the Chinese authorities will have been encouraged by the launch, and participation from some big global energy traders, such as Glencore and Trafigura, in the new contracts. The move potentially has historical significance. Although now just a futures contract — a bargain to pay for oil in yuan in future — it could turn into a strategic play by the Chinese to pay for oil imports in yuan, rather than the US dollar, which has dominated the world oil industry for most of its existence."
'via Blog this'
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