“China’s Push to Trade Oil in Yuan Faces a Key Hurdle China, the world’s largest energy consumer, is moving ahead with the testing phase of its plan to trade oil in yuan, a move that could reduce the global footprint of the U.S. dollar.
Still, analysts view China’s capital controls and occasional market interventions as major hurdles to setting up a rival to Brent or West Texas Intermediate, according to Bloomberg.”
I guess China HAS to move away either from fossil fuels or try to cut the energy bill.
What is for sure – no country likes to be bullied – so China as any other country tries to break free from bully-ties and tries to reestablish relations that give it a say in world affairs.
At the same time there is this thirst for power amongst men to rule the world 😀
At the same time China just as the US fear of an uprising of their own people treated unfairly.
In the US just as in Europe the former middle-class and working-class fight a losing battle against losing wealth to corruption and those that corrupt democracies – making voting useless.
In China the people felt treated unfair are those exploited workers under poor conditions that are not granted basic rights to speak about their anger and get justice.
So there are always two ways to go about this – the Stalin / Hitler / Mao / BigBrother way – by force – establish a Reich by terror, hate and fear.
Or have less money and simply try to establish justice in the world.
Power addicts exist in every country – so it is unfortunate that the current economic and political system always benefits those ruthless egoists – exploiting the rest of mankind for fun and giggles.
Homo (man) you don’t deserve yet to be called sapiens (wise).