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Petro renminbi? November 14, 2017

Posted by hslu in China, 石油, 美國, Economics, Global Affair, Middle East, Oil, Russia, U.S. dollar, 中國.
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Economist Jim O’Neill explains how the dollar will lose its ‘kingpin’ status – https://www.cnbc.com/2017/11/14/economist-jim-oneill-explains-how-the-dollar-will-lose-its-kingpin-status.html

It will happen and it will take less than ten years as speculated by O’neill.

One country at a time. Iran. Russia. Chinese are patient and methodical. They can wait. It is a decadeclong project for China and it started the effort a few years back already.

Saudi Arabia is the big fish but America will fight hard to keep the dollar as the trading currency for crude oil.

It will be futile for the U.S. as China is already the largest oil importer in the world. The culpit is none other than the shale oil American private companies are producing now for their short term gains. Without the growing domestic shale oil production, U.S. will still be the largest oil importer in the world. As such, there is no way that petro-dollar’s kingpin position can be challenged any time soon. 


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