Tfw next monday China will start buying oil in yuan backed by gold

>tfw next monday China will start buying oil in yuan backed by gold
AYY LOL.

americans are like literally fucked.

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damn lol

>The fall of the US as a global leader will happen in your life time

Good thing I'm learning mandarin

>The fall of the US as a global leader will happen in your life time

this would make me happy if all the foreigners and non-whites fucked off but I know that if we decline everyone will be gunning for us to take revenge and China will probably try to exploit us

learn french

Are you serious

oui

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...

he's right, apprends le français

this has happened many times. you think no one has ever bought oil without USD?

My favorite was the time that Chavez didn't want to sell Venezuelan crude to the American Imperialists, even though Texas had the most suitable refineries, tooled specifically for such heavy crude. So they sold it to the Chinese, who refused to buy it unless it was at a discounted price. Chinese then sold it to the Americans at the regular price, and pocketed the difference for themselves.

China imports the most oil, so it would make sense that oil is traded in RMB, but oil exporters really don't want to do that. The problem with selling oil for yuan is that Chinese commodities markets are extremely volatile. And the Chinese are known for government interference in domestic makers to steer them in the desired direction, usually not to the benefit of foreigners. Maybe some dependent states will be willing to trade oil in yuan, but for political reasons, to appease Beijing; not because they think it's a safe way to trade.

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US would probably exit quietly and still hold some power like the UK post WW2. On the other hand, Americans are so fucked in the head right now that they go out like a blackhole or supernova.

The thing is yuan is based on gold price, so thing is getting more interesting now.

t. Shu Fan

Most of China's oil comes through the Strait of Malacca. This is not a very tenable situation since it's a choke point.

The UK only holds power because of the US.

don't say that I would just kys

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>we will end up like uk
no plz dont say that this is one sad thought

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US will still be global power, but there also would be another one. And some other powers will gain more opportunities.

this
You don't know?

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>yuan is based on gold price
We all know where this history of backing up currency with gold goes. It means fuck all, specially since the US has 10x as much gold as China, there is no way people are going to use $MAO instead of dollars. It would be good to have the dollar being toppled as world currency, but even if they somehow manage to sway those oil countries, there is something pretty handy called US armed forces and they will use it if necessary.

Know what?

Muh gold
Gold shinny
Gold good
Grug like shinny things

about l'empereur

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t. spanish stole his gold

the yuan is not pegged to gold. they are thinking about offering oil for "yuan that is convertible into gold". So just those specific yuans that the oil exporters receive will be convertible, but no others? those aren't yuan then. are they buying oil with regular yuan, or are they buying oil with gold-certificates?