China is the world's largest oil importer and sees logical that its own currency should price the global economy on this market. So far oil transaction are based on US dollars as the standard currency for transaction however countries as China and Russia has shown urgency to change this by using their own currencies and not depend of petro-dollars. Chinese proposal is to price oil in yuan using a gold backed policy which they believe will allure international markets.
You can read a more detailed note at:
hope you find it interesting :dollar:
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