Will Petrodollar Give Way to Petroyuan? China Makes First Move this March

The coming introduction of a “petroyuan” marks one of the most significant bids to date by countries seeking to dump the U.S. “petrodollar.”

Visitors to an exhibit of art works that gives the illusion of being three dimensional pose near a scene showing late Chinese leader Mao Zedong with the Chinese yuan note and former U.S. President Abraham Lincoln with the U.S. dollar note in Beijing. (AP/Ng Han Guan)

BEIJING -- Wall Street is bracing for a potential shake-up as China is set to launch its first-ever crude oil futures contract late March at the Shanghai Futures Exchange. The move, which had been laid out in 2012 but faced delays over possible market turbulence, could represent a bold step forward in China’s rise as an economic superpower and

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China’s Launches Plan To Challenge The Petrodollar: The Petroyuan

The establishment of China’s petroyuan will allow countries to limit their dependency on the U.S. dollar, and to circumvent U.S. sanctions.

In this picture taken March 15, 2012 show a Chinese woman poses for photos near a sculpture depicting the Chinese yuan note at an art district in Beijing, China. Premier Wen Jiabao, China's top economic official, says its state-owned banks are monopolies that must be broken up, acknowledging mounting economic and political pressure to reform an industry whose vast profits are fueling public anger. (AP Photo/Ng Han Guan)

Financial analysts are increasingly pointing out that China has some very grand plans when it comes to petroleum markets, and that if those plans succeed, the U.S. could see the dollar threatened as the top global currency. From CNBC on Tuesday: China is looking to make a major move against the dollar’s global dominance, and it may come as early

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