Will the Petroyuan Kill the Petrodollar?

• Will the Petroyuan Kill the Petrodollar?
  by Ivan Danilov, https://sputniknews.com/
  You know that the jig is up for the petrodollar when the best argument its apologists can come up with is that “the petrodollar system is bad, but a petroyuan system will be worse.” Of course, the petrodollar won’t be dethroned tomorrow, but the writing is definitely on the wall.
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  China is expected to launch its first yuan-denominated oil futures contract in 2018, and that will mark the beginning of the end for the dollar’s domination of the global oil trade.
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  The threat of the petroyuan is now considered serious enough to warrant a hatchet job published in The Wall Street Journal. It the article “China’s Bid to Dominate Oil Pricing Will Fail,” Nathaniel Taplin lists a whole bunch of reasons China’s attempts to establish an alternative pricing and trading mechanism for the global oil trade is doomed to failure. However, the arguments presented in the article all boil down to a single thesis: the Chinese leadership is so inept, that it will surely botch every aspect of the petroyuan project launch. That’s a brave, bold and wrong assumption.
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