‘New Financial Order’: Russia, China Placing Heavy Bets on ‘Petro-Yuan’

SputnikNews.com
21.05.2016

After the West imposed economic sanctions against Moscow, Russia and Beijing established a powerful energy alliance which changed the global oil market. In addition to increasing trade operations with oil and gas, the two countries are set to challenge dominance of the US dollar in setting prices for crude.

Petro-yuan is a strategic payment tool which would facilitate switching to a multipolar monetary systematic which would include various currencies and reflect the global balance of power, Mexican economist Ariel Noyola Rodriguez wrote in an article for the foreign affairs analysis website Voltaire Network.

>”Instead of humiliating Russia, the economic war started by Washington and Brussels have had an opposite effect. It has contributed to strengthen energy ties between Moscow and Beijing,” he wrote.

The Rest…HERE

This entry was posted on Saturday, May 21st, 2016 at 8:51 am and is filed under China, Economics, Russia. You can follow any responses to this entry through the RSS 2.0 feed.