China Buys Oil With Gold-Backed Yuan Instead of USD
![China Buys Oil With Gold-Backed Yuan Instead of USD China Buys Oil With Gold-Backed Yuan Instead of USD](https://i0.wp.com/kenburridge.com/wp-content/uploads/2018/03/China-Buys-Oil.png?resize=150%2C150&ssl=1)
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]