October 31 2017
China announced this week that it intends to introduce a new way to price and trade oil: by pricing international oil contracts in Chinese yuan rather than in US dollars, which has been the benchmark currency for energy and the global reserve currency since the end of World War II.
So this move by China to use its newfound economic clout is almost certain — over time– to have profound consequences, not only for global economics and long-term American prosperity, but also, perhaps less obviously, for the global legal and regulatory order.
