Holy cow, I think this story is much more important for the future of the petrodollar and thus the USD fiat currency in general, and thus the global influence of the USA, then most people realized so far. From livetradingnews.com:
China Begins Resetting The World’s Reserve Currency System
It is a strategic move swapping Crude Oil for Gold, rather than for US Treasuries, which can be printed at will.
A report released by the Nikkei Asian Review indicates that China is prepared to release a RMB Yuan denominated Crude Oil futures contract that is convertible, aka backed by physical Gold.
The contract will enable China’s largest Crude Oil suppliers to settle Crude Oil sales in RMB Yuan, rather than in USDs, and then convert the RMB Yuan into Gold on exchanges in Hong Kong and Shanghai.
This is a significant step in removing the global reserve currency status of USD, and resetting the global economic and geopolitical “landscape.”
Full article link:
http://www.livetradingnews.com/china-begins-resetting-worlds-reserve-currency-system-53992.html
