China To Test Trade Petro-Yuan Oil Contracts THIS WEEKEND

• China To Test Trade Petro-Yuan Oil Contracts THIS WEEKEND
  by https://www.silverdoctors.com/
  Bloomberg just went full Petro-yuan. There’s just one glaring omission. Here’s the details… One of the main understandings a person gets when they wake up to gold and silver is the inevitable death of the Petro-dollar.
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  By now most in the precious metals space should be keen on the fact that China is the up-and-comer in the gold market. From the Shanghai Gold Exchange roll-out last year, and the IMF SDR basket inclusion the year before, China has been rising with it’s role in global finance. If there was a theme to China this year, it would be the highly polarizing rise of the Petro-yuan theme. Today this theme has come front and center in the MSM. Here’s Bloomberg just today:
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  China’s moves to set up trading oil in yuan have sparked enthusiasm about what could be a shift in the global financial system: a reduced role for the U.S. dollar. Players like Adam Levinson, founder of hedge fund Graticule Asset Management Asia, call it a “huge story” to come.
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  But with policy makers prioritizing market stability over internationalization, plans laid back in 2012 to start oil-futures trading priced in yuan or dollars in Shanghai that year are still pending. The latest from the city’s International Energy Exchange: it’s coming soon, with test trades scheduled this weekend.
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  Let’s stop there for a moment. Notice the key words “market stability”. Note to self: The Fed has a mandate for “price stability”. Interesting. Secondly, they will begin test trades this weekend. Interesting. Bloomberg continues:
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  As the world’s largest energy consumer and an increasing source of investment capital for oil-producing nations, China has an interest in using its own currency rather than that of a geopolitical competitor. One hurdle for setting up a rival to Brent or West Texas Intermediate: Overseas oil producers and traders would need to swallow China’s capital controls and penchant for occasional market interventions.
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  Hmmm: Overseas oil producers and traders will need to swallow ‘capital controls’ and ‘occasional market interventions’? I’m sure oil producing countries would take those headaches and even losses eight days a week rather than having the war machine of the United States bombing their lands into the stone age all the while occupying their lands either before or after the fact.
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