ML-Implode News - Petroyuan is Here; Will It Take Over?

The Russian-Chinese energy alliance is proposed to go longer. Moscow and Beijing have made their interchanges of petroleum a channel of transition towards a multipolar monetary system, that is to say, a system that is no longer based on the dollar alone, but takes into account various currencies and above all, that reflects the correlation of forces in the current world order. The economic sanctions imposed by Washington and Brussels drove the Russians to eliminate the dollar and the euro from their commercial and financial transactions, since otherwise, they would be too exposed to suffer sabotage in the moment of realizing buying and selling operations with their principal trading partners.
For this reason, from mid-2015, the hydrocarbons that China buys from Russia are paid in yuans, not in dollars, information that has been confirmed by high executives of Gazprom Neft, the petroleum branch of GazpromÂ [5]. This has lead to the use of the "people's currency" (â€˜renminbi') in the world oil market and at the same time allows Russia to neutralize the economic offensive launched by the United States and the European Union. The underpinnings of a new financial order supported by the petroyuan is emerging: the Chinese money is preparing to become the axis of commercial exchanges of the Asian-Pacific region with the principal petroleum powers.

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Petroyuan is Here; Will It Take Over?