China’s crude oil futures will be a global benchmark- Where does that leave USD??

This article in Reuters is a major indicator that future Oil contacts will be made in Yuan currency and not in US Dollars.

CrudeOil2www.reuters.com

“Apart from the fairly seismic changes this would herald in this massive market it would have even larger potential effects. The end game for the dollar is when it is no longer the sole or preponderant reserve currency. At the moment the US can carry a mind boggling amount of debt and find buyers for more. But once countries no longer need dollars for buying oil and gas then something will happen to the world’s appetite for US debt and the world’s  opinion of how much debt the US can sustain”. Source www.golemxiv.co.uk

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