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Posts Tagged ‘USD’

China Buys Oil With Gold-Backed Yuan Instead of USD

China Buys Oil With Gold-Backed Yuan Instead of USD

China is the world’s largest buyer/importer of oil (it passed the USA in 2017) and today made their first purchase of oil crude-futures contracts based in gold-backed Chinese Yuan instead of the USD. This creates an Asian oil benchmark and allows oil exporters to bypass USD denominated benchmarks by trading directly in Yuan. In addition [Continue]