Two months ago, no one had even heard of the petroyuan, now it is prepared to become a world fiat currency. Someone needs to check on Trump and his buddies to see how many billions they’ve made betting on the currency markets.
Yuan is the basic unit of the Renminbi which is the currency of China.
One thing for passers-by to keep in mind is that the Bretton Woods system specifically favored and designed a special role for the U.S. Dollar. When people write about the Dollar’s decline, and suggest that another currency may replace it, it is important to ask if that ‘new’ currency is being given propriety or special function as in Bretton Woods?
If so, we should ask what the effect of that mechanism will be on economic systems and political interactions. If the new currency is not being given propriety or a special function, comparisons to the hegemonic U.S. Dollar fall flat or are insincere.
edit: but also I don’t know enough about the oil trade that this video is actually about but as far as my understanding goes, I understand this moment simply being good statecraft by China and not a scheming or imperialist design like the handicaps designed for the U.S. Dollar
What I expect will happen is that the yuan will become a de facto reserve for the simple reason that China is the world’s factory. What made the petrodollar work was that everybody needs oil, and since you could only buy oil in dollars, countries had to constantly get dollars to buy oil. Similar logic applies with yuan since if you hold it, then you can always convert it into something you need from China. This makes it a safe currency to hold.
I found a YouTube link in your post. Here are links to the same video on alternative frontends that protect your privacy:
