A ‘Petroyuan’ Could Further Shake the Dollar’s Dominance

A ‘Petroyuan’ Could Further Shake the Dollar’s Dominance

In the latest sign the dollar-centric global financial system is under immense strain, China and Saudi Arabia have “accelerated” ongoing talks to price oil contracts in yuan instead of greenbacks, according to a Wall Street Journal report.

The dollar’s ongoing steady decline as a global trading and reserve instrument has significant implications for the U.S. economy, and could make neutral or non-state monetary networks more useful to a wider range of actors.

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