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What will happen when China is able to pay oil imports using yuan?

Xuan12 · 31-35, M
Presently, not much. China would have to do 2 things before a petroyuan can be a real international benchmark. It would have to release control of the value of the Yuan and let it float free, and it would have to dramatically lessen existing restrictions on foreign capital exchange. If those things don't change, the Yuan will likely only gain regional acceptance, which it already could do anyway.
Cierzo · M
@Xuan12 So you think it will take time until Saudi Arabia and other countries accept petroyuan?
Xuan12 · 31-35, M
@Cierzo On a large scale, it will absolutely take time, if it ever happens. Some small traders may prefer a petroyuan for specific reasons, but on a whole nothing is going to happen overnight. Even if the Yuan does become a major petrocurrency it may not be as big an event as it seems. There have been plenty of times global currencies shared major commodities. Investors and financiers are going to have to really trust the Yuan, easier said than done.

 
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