- China’s New Oil Exchange Where Countries Will Be Able To Take Gold As Payment Plus A Worldwide Paradigm Shift
As trading continues in the 3rd week of October, here is a look at China’s new oil exchange where countries will be able to take gold as payment, plus a worldwide paradigm shift.
“China is set to launch an oil exchange by the end of the year that is to be settled in yuan. Note that in conjunction with the existing Shanghai Gold Exchange, also denominated in yuan, any country will now be able to trade and hedge oil, circumventing U.S. dollar transactions, with the flexibility to take payment in yuan or gold, or exchange gold into any global currency.”
— John Curran, former partner and head of commodities at Caxton Associates