{"id":75988,"date":"2018-03-27T15:10:12","date_gmt":"2018-03-27T22:10:12","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=75988"},"modified":"2018-03-27T15:10:12","modified_gmt":"2018-03-27T22:10:12","slug":"death-of-us-dollar-china-launches-petro-yuan-to-challenge-greenbacks-dominance","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2018\/03\/27\/death-of-us-dollar-china-launches-petro-yuan-to-challenge-greenbacks-dominance\/","title":{"rendered":"Death of US dollar? China launches petro-yuan to challenge greenback&#8217;s dominance"},"content":{"rendered":"<h2 class=\"article__date\"><span style=\"color: #0000ff;\"><em><time class=\"date date_article-header\">Courtesy RT<\/time><\/em><\/span><\/h2>\n<div class=\"article__date\"><time class=\"date date_article-header\">Published time: 26 Mar, 2018 09:32<\/time><time class=\"date date_article-header\">Edited time: 27 Mar, 2018 09:02<\/time><\/div>\n<div class=\"article__short-url\">\n<div class=\"short-url\"><a class=\"short-url__link\" href=\"https:\/\/on.rt.com\/91uy\">Get short URL<\/a><\/div>\n<\/div>\n<div class=\"article__cover\">\n<div class=\"media__footer media__footer_bottom \"><\/div>\n<\/div>\n<div class=\"article__share\">\n<div class=\"social-container\" data-buttons=\"facebook, twitter, reddit, google, telegram, fbmessenger, whatsapp\" data-counters=\"\">\n<p>The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world\u2019s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency.<\/p>\n<\/div>\n<\/div>\n<div class=\"article__text text \">\n<p>Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Some 18,540 lots have reportedly been sold and purchased so far.<\/p>\n<p><img decoding=\"async\" class=\"media__item \" src=\"https:\/\/cdni.rt.com\/files\/2018.03\/article\/5ab8b92bfc7e93171d8b45c6.jpg\" alt=\"Death of US dollar? China launches petro-yuan to challenge greenback\u2019s dominance\" \/><\/p>\n<div class=\"rtcode\"><center><\/p>\n<div class=\"SandboxRoot env-bp-350\" data-twitter-event-id=\"0\">\n<div id=\"twitter-widget-0\" class=\"EmbeddedTweet EmbeddedTweet--edge EmbeddedTweet--mediaForward media-forward js-clickToOpenTarget js-tweetIdInfo tweet-InformationCircle-widgetParent\" lang=\"en\" data-click-to-open-target=\"https:\/\/twitter.com\/RT_com\/status\/924182873120428032\" data-iframe-title=\"Twitter Tweet\" data-dt-full=\"%{hours12}:%{minutes} %{amPm} - %{day} %{month} %{year}\" data-dt-explicit-timestamp=\"8:55 AM - Oct 28, 2017\" data-dt-months=\"Jan|Feb|Mar|Apr|May|Jun|Jul|Aug|Sep|Oct|Nov|Dec\" data-dt-am=\"AM\" data-dt-pm=\"PM\" data-dt-now=\"now\" data-dt-s=\"s\" data-dt-m=\"m\" data-dt-h=\"h\" data-dt-second=\"second\" data-dt-seconds=\"seconds\" data-dt-minute=\"minute\" data-dt-minutes=\"minutes\" data-dt-hour=\"hour\" data-dt-hours=\"hours\" data-dt-abbr=\"%{number}%{symbol}\" data-dt-short=\"%{day} %{month}\" data-dt-long=\"%{day} %{month} %{year}\" data-scribe=\"page:tweet\" data-tweet-id=\"924182873120428032\" data-twitter-event-id=\"2\"><\/div>\n<div class=\"resize-sensor\">\n<div class=\"resize-sensor-expand\">\n<div><\/div>\n<\/div>\n<div class=\"resize-sensor-shrink\">\n<div style=\"text-align: left;\">\u00a0The long-awaited step evoked a surge in global prices for oil with Brent Crude soaring to $71 a barrel for the first time since 2015. US crude benchmark West Texas Intermediate (WTI) reached the highest level in three years at $66.55 per barrel, before retreating to $65.53.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/center><\/div>\n<p>Experts see China\u2019s yuan-dominated contracts as historic as the new futures symbolize the first time that foreign investors can access a Chinese commodity market. The launch ends years of setbacks and delays since the country\u2019s first attempt at listing the securities in 1993.<\/p>\n<p>At the same time, the petro-yuan launch is seen as a blow to the US dollar that has been weakening in recent months. The US dollar is the predominant settlement currency for oil futures contracts. On Monday, the greenback slipped to a 16-month low against the Japanese yen, but remained steady against a basket of six major currencies.<\/p>\n<p>Chinese authorities have reportedly accelerated the launch amid growing crude imports. Last year, the country outpaced the US as the world\u2019s number one importer of oil. Thus, the contracts may not only help to win some control over pricing from the major international benchmarks, but also promote the use of Chinese currency in global trade.<\/p>\n<p>The greenback will get weaker, as soon as other nations have a real credible alternative to it, Ann Lee, Adjunct Professor of Economics and Finance at New York University and author of the book \u2018What the US Can Learn From China\u2019, told RT.<\/p>\n<p><em>It is more of a game changer for the US. As soon as other nations have a real credible alternative to the US dollar, they can dump dollars and switch to the yuan which can spark a dollar crisis. If that happens, not only will there be inflation from the tariffs, but also from the flood of dollars,\u201d<\/em>\u00a0said Lee.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy RT Published time: 26 Mar, 2018 09:32Edited time: 27 Mar, 2018 09:02 Get short URL The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world\u2019s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Trading of the new oil futures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-75988","post","type-post","status-publish","format-standard","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/75988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=75988"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/75988\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=75988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=75988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=75988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}