China’s petro-yuan ‘thundering into action’ as Iran ditches US dollar in oil trade.
Washington’s renewed sanctions on Tehran supports China’s newly established oil futures, analysts say. The sanctions can make the yuan a more preferable currency than the dollar on the oil market. Since their launch in May, the interest in the renminbi-backed oil contracts has steadily surged. Traded daily volumes hit a record 250,000 lots last Wednesday, and the share of yuan contracts in global trading jumped to 12 percent compared to eight percent in March.
“The contract is thundering into action,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore, as quoted by Reuters. “It makes sense for Iran to begin selling oil under contracts denominated in yuan rather than dollars.” China is the largest oil consumer in the world and also buys the most from Iran, a major OPEC producer. Beijing buys 25 percent of Iranian oil exports, which accounts for eight percent of its needs.
>thinking iran can buy the same quantities user but it wont be smart investment
Christian Martinez
China is a huge importer of commodities cunts have no idea how far America has fallen.
Asher Brooks
>taking economic advice from Mexico
Kevin Sanders
YES! Fuck the united states and their kike masters. Long live no soul-chinks atleast they know how to threat muds.
Luis King
Sounds like the chinks will soon have freedom arriving at their doorstep when you start messing with the kikes petrodollar
Cameron Bennett
I keep forgetting that spics have a sub 70 IQ. It's about getting OPEC, Russia and Venezuela to dump the petrodollar when trading oil
Colton Murphy
The federal reserve is gonna raise interest rates like crazy. I would open up a savings account, but i'm scuured that there might be a banking haircut. So i'm just gonna go to the store and buy everything
Landon Walker
Couldn't care less. Shut it all down.
Austin Gray
>Venezuela If they could produce it but in a crude state
