Dollar no longer primary oil currency as China begins to sell oil using Yuan

[DJKillaQueen]

http://www.examiner.com/article/dollar-no-longer-primary-oil-currency-as-china-begins-to-sell-oil-using-yuan

Is the US dollar about to lose it's place as the premier global currency? It's well known that China has been propping it up for a while now but this is a direct challenge to that.

[Jeremy]

I don't think it's that huge. China doesn't have a lot of oil to sell.

The currency is still far too tightly controlled to be of much use outside of China.

[Huguenot]

The examiner is basically a blogging community where contributors get paid by the page-view. Hence they're notorious for massively over hyped stories with dubious or incorrect headlines.

I think this is a non-story.

It does enable people who don't agree with US embargoes to transact oil in yuan (in addition to many other currencies) rather than dollars to avoid channeling payments through US banks where they may be frozen.

They've been doing this for years though, so what's new?

[Ridgley]

Maybe the launch of the Iphone 5 might help there economy?