"China is the world’s largest crude oil consumer, and its eyes are now on the rival United States’ currency, the dollar.
The Chinese have effectively challenged the dollar’s dominance by launching the petro-yuan, leading some to believe the US dollar’s collapse is all but imminent.
According to the South China Morning Post, China’s state-run media outlet, trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel.
Some 18,540 lots have reportedly been sold and purchased so far. Concerns that the dollar’s glory days are over began last year.
Some 18,540 lots have reportedly been sold and purchased so far. Concerns that the dollar’s glory days are over began last year.
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