China Plans to Break Petrodollar Stranglehold

Nations hit hard by US sanctions, such as Russia, Iran and Venezuela, will be among the first to embrace the petroyuan. Smaller producers, such as Angola and Nigeria, are already selling oil and gas to the world’s second largest economy in Chinese currency.

Astute News

Petrodollars have dominated the global energy markets for more than 40 years. But now, China is looking to change that by replacing the word dollars for yuan.

Nations, of course, have tried this before since the system was set up by former US Secretary of State Henry Kissinger in tandem with the House of Saud back in 1974

Vast populations across the Middle East and Northern Africa quickly felt the consequences when Iraq’s Saddam Hussein decided to sell oil in euros. Then there was Libya’s Muammar Gaddafi’s pan-African gold dinar blueprint, which failed to create a splash in an oil barrel.

Fast forward 25 years and China is making a move to break the United States petrodollar stranglehold. The plan is to set up oil-futures trading in the yuan, which will be fully convertible into gold on the Shanghai and Hong Kong foreign exchange markets.

The Shanghai Futures Exchange and its…

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8 thoughts on “China Plans to Break Petrodollar Stranglehold

  1. Well, I believe that China has a better chance of bringing this about especially seeing as how the BRICS have been quite determined to leave America in the dust with regards to forging a different path to the future. Other nations and countries are quite tired of being bullied by the U.S. Military Industrial Complex. They are tired of the U.S. using its military might to destabilize sovereign nations and to foster terrorism, globally. I’d leave this shithole in the dust too and so kudos to China for attempting to do so!

  2. Shelby, I have to admit to having a lot of the same feelings when I see the possibility of American capitalists finally getting what’s coming to them. I’m convince if they’re not stopped, they are perfectly willing to destroy the planet.

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