\u0027China wants to rewrite the rules of the global energy market.\u0027 Find out more.
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What does that mean in practice? For starters, a lot more oil trade will be done in renminbi. Xi announced that, over the next three to five years, China would not only dramatically increase imports from GCC countries, but work towards “all-dimensional energy co-operation.” This could potentially involve joint exploration and production in places such as the South China Sea, as well as investments in refineries, chemicals and plastics.
Those who doubt the rise of the petroyuan, and the diminution of the dollar-based financial system in general, often point out that China doesn’t enjoy the same level of global trust, rule of law or reserve currency liquidity that the U.S. does, making other countries unlikely to want to do business in renminbi.
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