Neskuaxa

To add to this, supposedly it is also gold backed.

https://duckduckgo.com/?q=gold-backed+petroyuan&t=hb&ia=web

Ialwayssaythis

I hope you are all out of the USD.

Optional_Reading

petrodollar is what got saddam killed

vastrightwing

Rut ro!

Simpleusername

I haven't seen any news from OPEC agreeing to sell oil via yuan, breaking decade long treatises. This is nothing more than chinese propaganda.

Ialwayssaythis

Uuhhh... Tons of big transactions are taking place on that exchange right fucking now. :)

hatecrime

they wont report about it

Bad_Idea_Bob

This, China can try paying for oil with yuan but, for it to work, someone has to accept yuan for oil. Then, whoever sells the oil for yuan still has to change it into a currency that matters, be that their local currency or USD.

Anson

The West is fucked

Ialwayssaythis

This

BitChute

Worst case this could lead to all out war. If the US resists this change that's one possibility, thankfully it's not the only possibility.

I think we will start to see a drop in the living standards of the west.

BitChute

For anyone who has been following the petrodollar over the years you will know the importance of this event.

The Petrodollar System To explain this situation properly, we have to start in 1973. That’s when .President Nixon asked King Faisal of Saudi Arabia to accept only US dollars as payment for oil and to invest any excess profits in US Treasury bonds, notes, and bills. In exchange, Nixon pledged to protect Saudi Arabian oil fields from the Soviet Union and other interested nations, such as Iran and Iraq. It was the start of something great for the US, even if the outcome was as artificial as the US real-estate bubble and yet constitutes the foundation for the valuation of the US dollar.

By 1975, all of the members of OPEC agreed to sell their oil only in US dollars. Every oil-importing nation in the world started saving its surplus in US dollars so as to be able to buy oil; with such high demand for dollars the currency strengthened. On top of that, many oil-exporting nations like Saudi Arabia spent their US dollar surpluses on Treasury securities, providing a new, deep pool of lenders to support US government spending.