petro-yuan

Finance

China Moves to Destroy US Dollar As They Launch the Gold-backed Petro-Yuan

In a massive move against the global dominance of the U.S. dollar, China’s highly anticipated Petro-Yuan has been launched in Shanghai. With China being the world’s largest consumer of oil, this new currency is an international game-changer that was a predicted move by China to directly compete—and subsequently devalue—the US dollar. Analysts call the plan, announced by Beijing in September,…