China Intensifies Efforts to Topple U.S. Dollar

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‘The pace of expansion has been explosive’ for China’s new yuan-denominated oil futures contract.

Less than a year after China launched an oil futures contract denominated in the Chinese currency, the contract is beginning to be embraced by global commodities traders.

The Chinese Communist Party has long desired to see the United States dollar sidelined and the Chinese currency, the yuan, take on a more central role in global finance. The latest major push toward that goal came on March 26 when China launched a new oil futures contract on the Shanghai International Energy Exchange denominated in yuan. Now the contract is finding increasing acceptance among multinational commodity traders, which could threaten the dollar’s position. Continue reading

China intends to oust dollar from oil trade

China is planning to launch its own oil benchmark in October, similar to Brent and WTI, striving for a more important role in establishing crude prices. Unlike the Western benchmarks, the Chinese contracts will be nominated in the yuan, not the US dollar.

Shanghai International Energy Exchange sent a draft futures contract to market players in August, Reuters reported quoting sources. Continue reading

Russia, China Counterbalance US Hegemony Through SCO, BRICS

Basically, the SCO is the world war axis while BRICS is the economic warfare front against the United States.

 

The Shanghai Cooperation Organization (SCO) and the BRICS (Brazil, Russia, India, China and South Africa) are allowing China and Russia to take advantage of shifting global economic interests and successfully counterbalance the US hegemony.

The Shanghai Cooperation Organization (SCO) and the BRICS have transformed into two influential political organizations with the prospect of becoming an alternative to the US-led global system, according to Stratfor.

“Ultimately, both forums enable Russia and China to promote their individual regional interests and their combined interest in countering US dominance in the international system,” Stratfor’s analysts pointed out. Continue reading