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The Petrodollar Isn’t Dead Yet

A number of pieces have to fall into place before the petrodollar moves into second place...Few geoeconomic game-changers are more spectacular than yuan-denominated future crude oil contracts – especially when set up by the largest importer of crude on the planet. And yet Beijing’s media strategy seems to have consisted in substantially play down the official launch of the petro-yuan at the Shanghai International Energy Exchange. Still, some euphoria was in order. Brent Crude soared to $71 a barrel for the first time since 2015. West…