Disliked{quote} and on the news (again) they're talking about China is aiming to overthrow the U.S. dollar as the currency of choice for the oil market.... which is true, but how far can this work for the benefit of China,,,,,, or the US dollar ????????? And since investors work with anticipations and not facts, it should have already impacted the USD negatively big time, but it didn't... Or maybe it's all priced in already.... Or maybe I'm missing something....Ignored
The fear of trade war only affect stock market. Tariff on steel and aluminium is positive for China. They already cut steel production cost 1 million jobs. Less competition is good for business.
China is the largest crude oil importer passing US few years ago. It only make practical sense to transact with their own ccy. Those exporter countries under the US sanctions are more than happy to use Yuan (backed by gold) such as Iran, Russia and Venezuela.
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