The Petroyuan Cometh: Launch Of Renminbi-Denominated Oil Futures Contract Imminent

Jon Alternative Media, Blogosphere, Energy

Whenever one talks about the death of the petrodollar, the unspoken question lurking just beneath the surface is this: is the rise of the petroyuan just around the corner?
This year, we’ve gotten quite a bit of evidence to suggest that the answer to that question may indeed be a resounding ‘yes.’ In May for instance, Russia surpassed Saudi Arabia as the largest oil supplier to China and what’s especially notable there is that beginning in 2015, Gazprom began settling all of its crude sales to China in yuan meaning that, at least partly, the petrodollar was supplanted just as soon as its death became inevitable.

This post was published at Zero Hedge on 09/11/2015.