Dollar no longer primary oil currency as China begin selling oil using YUAN

[kawaraj]

The common sense is as a huge trading partner of the world, (as NO.1 trading partner of most non-union countries) and the world's largest manufacturer, it's only a matter of time RMB yuan will take a huge share of world currency reserve.

 

[vK_man]

The announcement hold no value until Oil trading nations agree to trade in the RMB..

The current position seems to be a pact between China and Russia on settling oil trade between those two nations...similar to say hypothetically India paying Iran in INRs for oil..
Does not mean that oil now has a different mode of payment...

Currently the US Dollar holds the same value as what the Bullion used to be....it is what is used to measure the wealth/reserves of a country. This is not changing for a while...

Also do note that the US has quite a stronghold on the trade of oil being that US has provided for a ton infrastructure of oil producing nations (debts they are still paying off) or have strong links and pacts with these nations that I dont believe Chinese have the capacity to override (at least not where they are now)

The question is ,how long will the world tolerate devaluation of dollar via QE's and stimuluses

 

[Plexyre]

The question is ,how long will the world tolerate devaluation of dollar via QE's and stimuluses

It would take quite some time, even more time if the global economy remains sour for an extended period of time, since it would take longer for other countries and their currencies to step up to replace the USD.

As the primary reserve currency of the world, the U.S. can afford to continue with the QE's and other stimulus measures (at the expense of the rest of the world) for quite a bit before the effects become substantial enough. Any moves away from the USD is likely to be gradual and drawn out (and painful), unless the U.S. pulls off another fast one like the Nixon Shock.

 

[vk17]

Your comments above show that you are nothing but just another petty person. You had no intelligent comeback once i gave you the reasons for no Yuan domination, only then to have you quickly turn to the same old boring Indian bashing and a continuation of personal attacks. Class dismissed...

I think you should even bother to even reply him sir!! Never seen any data validated replies in his all 1000+ posts,

He seems to be some old aged Pakistani Chacha who pretends to be i am someone who knows all

and gets real angry when anybody don't agrees with his wild idea!!!

 

[silver_dragon]

How will a man living in a country whose currency that accounts for 83 % penetration in the oil markets be inferior??

Anyways call it what you will Sino, truth remains that while yuan may be more significant in the future, it just can't be compared to the hold dollar has on the oil market.......

The dollar is going to go soon in toilets. We are working in it.

 

[VCheng]

The dollar is going to go soon in toilets. We are working in it.

Could you please explain what is this work that will put the dollar in such a position, if I may be so bold as to ask?

 

[longyi]

The dollar is going to go soon in toilets. We are working in it.

Don't scare me man, I have been worrying about it ever since Obama had to borrow from the Federal Employee's Pension Fund last year to pay the salaries of federal workers while waiting for the Congress to lift the debt ceilings.

I know, just like Argentina a decade or so ago, the dollar will plunge on the day the government can not pay the interest portion of the bond. My small nest egg would turn to nil while I'm current out of a full time job. On another hand, what good is a job when the dollar is worthless.

 

[Korean]

China is an oil exporter? News to me.

Oil would be at $50/barrel if it wasn't for China sucking up all the supply.

 

[Thomas]

China is an oil exporter? News to me.

Oil would be at $50/barrel if it wasn't for China sucking up all the supply.

it wasn't long ago people complained about the US being the largest consumer of the worlds resources. But what the US uses is nothing compared to what you will see China buying up. Wait 5-10 years and you will see China become extremely aggressive in its resource grab (even more than now) world wide.

They also need to end computerized oil speculation world wide. It is to ripe for manipulation by countries seeking to keep prices high.

 

[Rechoice]

Dollar no longer primary oil currency as China begins to sell oil using Yuan - National Finance Examiner | Examiner.com

It's all over now. USA's global hegemony can continue only as long as it continues to fight and win wars of domination around the world. But USA has met its match in East Asia as China's military power smashes through USA's attempt to contain China.

First we grabbed Scarborough Shoal from Philippines like candy from a baby.

Then we spanked Vietnam and india until they are too scared to talk about drilling for oil in the South China Sea anymore.

Now we are invading "Japanese" territorial waters with our naval might!!

Now it's the Muslim world turn to break free from Western domination of the past few hundred years starting with resistance against the Western powers in Syria and against Iran![/B][/COLOR]

You accepted and recognized that Chinese invaded in to Japan's territory recently. OK boy, Senkaku belong to Japan. It's clear.

 

[silver_dragon]

Could you please explain what is this work that will put the dollar in such a position, if I may be so bold as to ask?

Yeah, i can tell you but only if u can get me all the secrets of Area 56.

 

[VCheng]

Yeah, i can tell you but only if u can get me all the secrets of Area 56.

Area 56? Or Area 51?

 

[JayAtl]

Area 56? Or Area 51?

56 is the copy paste version of 51.

 

[Dethcheez]

Awesome! Does this mean I can now go to the store and buy some crap Chinese goods with some crap Chinese yuan. If so please send me two wheel borrow loads. Thank You!

 

[anarchy 99]

Awesome! Does this mean I can now go to the store and buy some crap Chinese goods with some crap Chinese yuan. If so please send me two wheel borrow loads. Thank You!

Pretty soon you will be using Zimbabwean dollars as money and US dollars to wipe your arse.