Spying in modern age

Welcome to NEWSFLASH, Your News link to Pakistan and beyond . . .

Newsweek magazine is home delivered in Pakistan


Time magazine subscription in Pakistan


Pakistan's premier  website that covers current affairs and news.

Property in Rawalpindi



Academy of Current Affairs (Online & Distance Learning)



China's launch of 'petro-yuan' in two months sounds death dollar's dominance

The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.

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.

Recent Posts

Prime Minister Modi on equation with President Trump

The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.

The analyst said the new contract would be able to serve as a hedging tool for Chinese corporations, as well as support the government’s broader plans to extend the use of the national currency in trade settlement.

Issues in US-India relations

According to Levinson, Chinese companies might grow into anchor investors in Saudi Arabia’s initial public offering of its national oil giant, Saudi Aramco.

At the same time, some analysts are skeptical of China’s ambitious plan to create its own benchmark.

“Game changer it is not — at least not yet. But it is another indicator of the beginning of the glacial, and I emphasize the word glacial, decline of the dollar,” said Gal Luft, co-director of the Institute for the Analysis of Global Security, as quoted by CNBC.

Post Dated: 25 October 2017




 More Stories on Related Subjects

Linguistic imperialism: the world according to Putin (May 2014)

Arab Countries fighting ISIS

Ukraine - Europe's communist undertone (February 2014)

Books to read

Armed Militias of South Asia Paperback Rs 750

International Affairs


Share your views at myopinion@newsflash.com.pk



Want to get news alerts from newsflash.com.pk? Send us mail at


Copyright © 2006 the Newsflash All rights reserved

This site is best viewed at 1024 x 768