Reuters is reporting that Iranian oil and banking officials are in talks with their Chinese counterparts to replace dollar and euro with yuan for payment for its crude oil. It was clear if the switch would be only for the sale of oil to China, or it could extend to worldwide sale of Iranian crude.
3 comments:
That may not be a bad move to bypass the finiaceand banking sanctions.
The Yuan is now undervalued, if you buy it you can make good profit.
Actually China itself is about to dump the deadbeat dollar and move to a global basket of currencies. The US economy is in irreversible decline and more jobs are lost and manufacturing declines to almost negligible levels. The doomed US housing market is a good indicator of future economic uncertainty and shrinking middle-class.
China may switch to currency basket for forex rate
Central bank official suggests move away from dollar as benchmark.
http://www.marketwatch.com/story/china-may-link-yuan-trade-to-currency-basket-2010-07-23
Anonymous says, "The doomed US housing market".
Welcome to 2008. Speaking to you from 2010, my house is worth more than it was when the housing market became "doomed". But why let facts get in the way of a good polemic rant?
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