One of the world’s top energy importers, China, is set to roll out a yuan-denominated oil contract as early as this year. Analysts call the plan, announced by Beijing in September, a huge move against the dollar’s global dominance.
The so-called petro-yuan is a “wake up call” for investors who haven’t paid attention to the Chinese plans, according to the head of Graticule Asset Management Asia Adam Levinson, as quoted by Bloomberg.
Earlier this year, the Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold. The contract will enable the country’s trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.
The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.
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Am Abend gesch das Folgende – an Hand von Bildern auf Twitter: .
The purpose of this study is to spread awareness and education about one of the critical turning points in world history. The Bolshevik Revolution and the creation of the Soviet Union represent a major milestone to left-wing movements everywhere, as the Soviet Union was not only the first true socialist state but also the first attempt at forging a new socialist society. Compared to other revolutions, which merely saw one ruling class replaced with another, the Bolshevik Revolution offered a chance at total social upheaval, a clean break with the hierarchical and exploitative systems of feudalism and capitalism. In addition to revolutionaries, the Bolsheviks were pioneers exploring new territory, constructing a world to that point only imagined by academics, politicians, trade union activists and working class agitators. Marx and Engels provided thorough and scientific critiques of capitalism and called upon the workers of the world to unite, but they had…
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