There have been a number of news articles about the recently announced plan by China to try and get oil contracts priced in yuan (petro-yuan). CNBC runs this new article that also says China is working hard towards that goal. But this article suggests it may not be easy and may take longer than some would think. Below are a couple of excerpts.
---------------------------------------------------------------------------------------------------------------------"China is looking to make a major move against the dollar's global dominance, and it may come as early as this year.
The new strategy is to enlist the energy markets' help: Beijing may introduce a new way to price oil in coming months — but unlike the contracts based on the U.S. dollar that currently dominate global markets, this benchmark would use China's own currency. If there's widespread adoption, as the Chinese hope, then that will mark a step toward challenging the greenback's status as the world's most powerful currency."
. . . . .
"The plan is to price oil in yuan using a gold-backed futures contract in Shanghai, but the road will be long and arduous."
Please click here to read the full article on CNBC
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Added notes: More China news & China may get a new central bank head soon
