Trading Oil for Gold: China’s Gold-Backed Petro-Yuan Market, Threatens the US Dollar?

[jhungary]

sigh, it's the beginning, now instead of just the dollar, others have alternatives. you said it won't make a dent, but it totally will in time.

How? In term of Economical and Financial aspect?

Anyone can say a lot of thing, but you need to back up your statement instead of "It totally will in time", I can say in time, Alien Overlord will rule over the world, being American or Chinese does not matter, so how are you going to counter me?

I listed my point on how it will not dent the USD, if you think it will in time, you will need to come up with a logical reason with respect to Economical and Financial Aspect to answer my point, otherwise what you are saying is not enough.

OPEC isn't going to drop the USD, they are just going to also use Yuan. or mix of both. this give him alternatives... which is the whole point of this.

It doesn't matter if OPEC have an alternative, as long as OPEC country do not spend RMB domestically and China do not have association pegging to those country, you will need to exchange RMB to USD to OPEC Currency. Unless a association is established, that won't do anything if you trade with OPEC direct with RMB, because indirectly, they will have convert RMB into their local currency, which indirectly, will touch USD.

 

[gambit]

It doesn't matter if OPEC have an alternative, as long as OPEC country do not spend RMB domestically and China do not have association pegging to those country, you will need to exchange RMB to USD to OPEC Currency. Unless a association is established, that won't do anything if you trade with OPEC direct with RMB, because indirectly, they will have convert RMB into their local currency, which indirectly, will touch USD.

As a side note...I will confess to a secret pleasure...

I enjoy watching someone who thinks he knows my specialty making a fool of himself because I can tell what he is going to say next practically to the letters because he is so desperate to defend his position at all cost instead of being humble and admit he is wrong.

 

[Jlaw]

It ain't going to happen. CPC are too greedy and corrupt to upheaval a USD reserve systemsystem where they are one of the main beneficiary.

 

[oprih]

Good to see that the abusive american era is finally coming to an end. RIP. Condolence to the americans here and their cheerleaders lol.