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Petroyuan 26th March|
China's securities regulator has announced on Friday that the petroyuan oil futures contract will launch on Monday 26th March. The oil grade will be medium-sour aimed at the middle-east producers.
https://www.bloomberg.com//news/ ... et-to-start-trading
This explains why the "worthless paper" USD has been managed lower over the last year and why the anglo/zionist propaganda rags have been making such a big deal out of the "surprise devaluation" of the yuan in 2015, which was less than the 2% daily limit.
Shedlock claims it's no big deal, as if the Great Satan didn't threaten Iran when she announced an oil bourse and didn't illegally invade Libya and Iraq. He also claims the yuan has problems such as capital controls, thus contradicting himself because he obviously thinks it IS a big deal.
But all oil exchanges which accept "worthless paper" USD and ONLY "worthless paper" USD effectively force oil exporting nations to accept the fraudulent funny-money and it then becomes their problem, as deputy treasury secretary John CON-nelly, put it on how to get rid of it. Satrap, Saudi Arabia, is even forced to "recycle" the paper funny-money into Great Satan bonds, suggesting that the Great Satan doesn't want the paper funny-money to be dumped in the FX markets and Saudi Arabia only gets to spend the interest. Oil exporting nations are then forced to acquire "worthless paper" USD to buy oil too.
A new oil bourse denominated in yuan will mean oil exporters will, at the very least, increase prices on "worthless paper" USD denominated bourses. Venezuela and Iran already refuse to accept "worthless paper" USD. Russia is also trading with yuan and rubles. There's much talk of China forcing Saudi Arabia to sell oil in yuan. But that's amerikan, worthless-parasite thinking. China has a surplus and a lot of it is denominated in "worthless paper" USD. The last thing she needs is no way of getting rid of it. It's Saudi Arabia who would want to diversify and Saudi Arabia and Qatar are already on board, as is Indonesia.
So that's every major energy exporter in the World except the Great Satan. Except that the Great Satan lifted the 40 year ban on crude oil exports from the land they thieved from the native American in 2015 and has been trying to thieve Russia's share of the gas market with the illegal wars of aggression in Ukraine and Syria. LNG terminals have been converted from import to export too.
As for capital controls, gold-bugs have pointed out nations can buy gold on the SGEI. China imported 8.43mbpd in 2017. At $60 for crude and $1,300 for gold, that's $184.6bn a year or 4,417 tons of gold against annual mining supply of 3,000. And that's just China's imports. Other nations can trade on the oil bourse for a maximum total demand of 53,000 tons of gold per year just from sales of crude oil. China and India already account for most of the demand now! The Great Satan may have to sell oil for yuan, especially if it wants gold! It defaulted on Germany's gold and now China's gold too.
Whilst Saudi Arabia is undergoing HUGE reform, the poodle state has implemented Brexit. Because the poodle state participated in the lie that the NATO gang would not advance a single inch towards Russia's borders, both the pothead war criminal and war criminal, Auntie May, have had to announce to the World a new "golden era" of relations with China in order to re-assure China that "Perfidious Albion" isn't lying YET AGAIN! But as it's double-speak, they can still renege and deny that they made the promise. In fact, it suggests there's nothing in writing.
China is also being secretive, only reasing some details nearer the date. This is probably to disguise the level of interest and so avoid market disruptions.
The bullion banksters are net long gold when you include their holdings in the CRIMEX warehouses. Watch out for them increasing physical holdings as they fear default in paper gold.