https://www.google.com/amp/s/m.economictimes.com/markets/forex/irans-yuan-push-for-oil-trade-signals-fresh-challenge-to-dollar-dominance/amp_articleshow/129668467.cmsFor all those idiots on this board claiming this shit show war isn't largely about the US trying to maintain hold on the value of the Petro Dollar... Iran sure knows what the fuck is up and is trolling hard. >Iran is reportedly considering allowing oil tankers through the Strait of Hormuz only if transactions are settled in the Chinese yuan rather than US dollars, signalling a strategic 'de-dollarisation' move. This potential policy aims to bypass Western sanctions and strengthen ties with China, directly challenging the long-standing petrodollar system that underpins the US-controlled global financial order. ET examines how this potential shift would change the global financial sector and what this would mean for India.
Same thing happened last time when people started saying Iraq was going to sell in euros. Regardless, what would you expect a country at war to still want the enemies currency? That’s dumb.
>>1498729It's much larger than being that simple. The US dollar is the global reserve currency, which is a lot of what gives it the value that it has. Previously, when China was buying oil from Iran or Saudi Arabia, the actual trade happens in US dollars even though it's neither of their native currency, but because it's the global currency it's just easier. If the world starts shifting away from that and trading either in local currency or something like the Chinese Yuan, the global value of the US dollar drops significantly. So right now of someone in America wants to buy something made in China, like a mircochip or hard drive, they have the benefit of it being in their currency which is cheaper because right now the Yuan is worth about 15 cents of one US dollar. If that shifts to the Yaun even being worth 50 cents of a US dollar, which is a very plausible scenario then the whole US economy would collapse. All the sudden the dollars that could buy a given hard drive fir say $100 would make it cost $500.
We (the US) fucked up. Not much more to it than that. Maybe some rich assholes will get somewhat richer by investing and then shorting come commodities. So fucking what? 99% of us are screwed by this short-sighted action. A third of us will never admit it in a million years.
>>1498734The problem is that the Yuan is simply not trusted in much of the world because the CCP actively manipulates its value when convenient. The USD is (at least for now) entirely independent of its government's whims.
>>1498734But that would also mean that exports from China to the US would become significantly less appealing, meaning exports would drop significantly. This would hurt the US, sure, but as the US is still China's #1 export target, it would hurt China, as well. I doubt China would let this happen.
>>1498735lmao we fucked up so bad we're apparently considering lifting sanctions ON IRAN'S OIL. We're literally considering helping the nation we are at war with get more money.
>>1498741>The USD is (at least for now) entirely independent of its government's whims.Until Trump came along and started tossing out universal tariffs based on his fucking horoscope and what he saw on fox news that evening at least.
>>1498745China is still restricting imports on critical things at strategic intervals
>>1498741>The USD is (at least for now) entirely independent of its government's whims.It depends how you look at it. Because it's tied to the US control of oil, it makes the US do weird stupid shit like attack Venezuela. It will be a huge mess for everyone though, that's for sure.
>>1498726Stupid gweilo the name of the currency is renminbi, yuan is "one renminbi".
>>1498754>The USD is (at least for now) entirely independent of its government's whims.The US empire has been solely built upon influencing the US $.
>>1498726Iori would definitely destroy that fat piece of iron ball holding shit.
