Suddenly we have numerous articles appearing suggesting once again the US dollar's days as global reserve currency may be shortening. We have seen this predicted many times over the years, but this time the news that China is promoting the pricing of oil in yuan is adding some impetus to those looking for the role of the US dollar to diminish. Below are links to a couple of articles along these lines.
---------------------------------------------------------------------------------------------------------------------CNBC - China will compel Saudi Arabia to trade oil in Yuan
"China will "compel" Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world's reserve currency, a leading economist told CNBC on Monday.
Carl Weinberg, chief economist and managing director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand since China usurped the U.S. as the "biggest oil importer on the planet."
CNBC - World Could be Turning its back on the US Dollar
"A combination of geopolitical pressures could spark the end of the U.S. dollar as the world's reserve currency, according to the head of FX strategy at Saxo Bank.
In a quarterly outlook note titled "The world is turning its back on the almighty dollar," John Hardy claimed the U.S. currency was "increasingly dysfunctional" and there was an urgent need to replace it."
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Added note: A variety of analysts in the alternative media realm are also touting this move by China as being significant. As an example. Hugo Salinas Price wrote this article recently on the topic. Jim Rickards also talks a bit about it in this recent article and this article which also looks at Jim's view of the prospects for gold in the coming months.
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