On March 26, 2018, Chinese authorities began allowing seven different grades of crude oil to be traded on Shanghai’s International Energy Exchange. Since this specific marketplace fell under the rules of one of China’s larger Free Trade Zones, special areas within the Communist country which had been set up because even the Communists know that Communism doesn’t create wealth, domestic Chinese buyers and speculators would be able to directly transact with foreign speculators and sellers.
More importantly, the currency they’d begun to use for settlement was China’s renminbi (RMB), not dollars.
This “petroyuan” was purported to have been styled similarly to the so-called petrodollar, and thus was seen as more than simply a product of enterprise evolution inside the dense Chinese bubble. Graphic headlines populated the media both East and West, many of them predicting the dollar’s doom.
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