China plans to destabilize the US Dollar by pricing oil in Yuan | The Camping Canuck

The world’s biggest importer of crude oil and other energy related products, China has reportedly decided to undertake a major step to challenge the dominance of the dollar in the global market. The country, as per sources, will begin by introducing a new pricing strategy in the oil sector and hopes that the growing adoption of Chinese currency may shake up the status of the world’s most powerful currency.

For the record, the US dollar has a powerful status in the global economy, post its emergence in the oil sector. In consequence, China has apparently decided to price oil in Yuan through gold-backed futures contracts. Speaking about the same, the co-director of the Institute for the Analysis of Global Security has stated that this strategy is likely to freeze the dominance of dollar, but it won’t become the game changer of the global economy.

If reports are to be believed, earlier this year, the Chinese government had already declared to commence the pricing of crude oil futures contracts in Yuan, which can be converted to gold.

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China plans to destabilize the US Dollar by pricing oil in Yuan – The Camping Canuck.