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« John Embry – Expect Violently Higher Gold & Silver Prices | Main | James Turk – This Is What Really Triggered The Massive Spike In Gold & Silver Today »
Thursday
Feb152018

The End Of The Petrodollar? China Unveils Oil-Futures Launch Date

Yuan has certainly been bid since Chinese regulators finished testing the petroyuan contract successfully...

 

 

 

After decades of dollar-hegemonic control, the world’s biggest oil buyer is finally getting its own crude-futures contract - the so-called 'petro-yuan' is born.

The start of trading, open to foreigners, will mark the end of years of delays and setbacks since China’s first attempt at a domestic contract in 1993.

Following December's final successful test, in a challenge to the world’s dollar-denominated oil benchmarks Brent and West Texas Intermediate, China will list local-currency crude futures in Shanghai on March 26, according to the nation’s securities regulator.

While some details of the contract such as the size (1,000 barrels per lot) and grades have been released, other information like the delivery depots for the crude are yet to be announced.

“The intention is to release more details as the launch date approaches,” Meidan said on Friday. “If the date has been settled, then it is pretty close to a finalized contract, because at this point, both Beijing and the Shanghai Futures Exchange can’t afford for the start-up to go wrong.”

more......

 

This move hangs over the Dollar like The Sword of Damocles and gold will be the beneficiary....

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