China has grand ambitions to dethrone the dollar. It may make a powerful move this year

[onebyone]

"The U.S. coverage is dropping off," said Juerg Kiener, managing director and chief investment officer of asset manager Swiss Asia Capital. "Iraq, Russia and Indonesia have all joined in non-dollar trades."

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https://www.cnbc.com/2017/10/24/pet...one-dollar-rmb-denominated-oil-contracts.html

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China is the world's top oil importer, and so Beijing sees it as only logical that its own currency should price the global economy's most important commodity. But beyond that, moving away from the dollar is a strategic priority for countries like China and Russia. Both aim to ultimately reduce their dependency on the greenback, limiting their exposure to U.S. currency risk and the politics of American sanctions regimes.

 

[war&peace]

Excellent move, really looking forward to seeing it.

 

[Maxpane]

 

[Taimoor Khan]

Its fair enough. China is the biggest oil importer and biggest oil market. As they say, the customer is always right, they can/should trade in their own currency.

 

[Hakikat ve Hikmet]

It's time to panic....

 

[Mangus Ortus Novem]

China will do nothing rash or impulsive.

All China is working towards is creating a certain balance in global economy. When this balance is achieved global empire will die a quiet death. One of China's geopolitical goals.

Yuan is designed not to replace any other currency but to gain its own rightful role in international trade and finance. All part of new Global Financial Architecture that Pres. Xi talked about. Inclusion in SDR was one milestone of such.
We are looking at a decade plus here...more like 2030. And by 2050...imagine that!

Why would China wish to destroy Dollar when the US is its biggest market and destination of investment?

No, China just wants America to be Great Again... by focusing on actual/real economy and not warmaking.

Win-Win.... Chinese Style!

 

[Indika]

We are the hearing about this for a looooooooooooooooooooooooooooong time but nothing seems to be happening. We do welcome a multipolar world where actions speak louder than words.

 

[cloud4000]

We are the hearing about this for a looooooooooooooooooooooooooooong time but nothing seems to be happening. We do welcome a multipolar world where actions speak louder than words.

People have been talking about replacing the dollar for decades, but it never happens. China's currency is now a convertible currency, and no doubt will be used to purchase oil, even it will use the currency that will give the best price, be it the yuan, yen, euro, sterling, or the old-mighty dollar. Even the article said, it will take years for the yuan to compete against the dollar.

 

[Indika]

People have been talking about replacing the dollar for decades, but it never happens. China's currency is now a convertible currency, and no doubt will be used to purchase oil, even it will use the currency that will give the best price, be it the yuan, yen, euro, sterling, or the old-mighty dollar. Even the article said, it will take years for the yuan to compete against the dollar.

China itself hoards US dollars and bonds , given that it is ridiculous to believe any of their words. Charity begins at home, let them start and then preach to others.