http://www.livetradingnews.com/china...tem-53992.html
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More at linkSince Y 1973, OPEC Crude Oil has been quoted and traded using USDs, otherwise known as “Petrodollars.”
The “recycling” of petrodollars into US Treasuries has been the life-blood of the US economic and political system. In addition to reducing a major source of funding for the US Government’s enormous deficit spending, the introduction of a Gold-backed RMB Yuan Crude Oil futures contract is an important step toward removing the USD as the world’s reserve currency.
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