Escobar: China Taking The Long Road To Solve The Petro-Yuan Puzzle

Does the launch of the petro-yuan represent the ultimate deathblow to the petrodollar – and the birth of a completely new set of rules? Not so fast. That may take years, and depends on many variables, the most important of which will be China’s capacity to bend, tweak and ultimately rule the global oil market.

A number of pieces have to fall into place before the petrodollar moves into second place...

http://www.atimes.com/article/china-taking-long-road-solve-petro-yuan-puzzle/

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SideNote: All the hype built up by the gold bug analyst concerning the 'Petro-Yaun' destroying the 'Petro-Dollar' once the Shanghai International Energy Exchange opened the doors for business fizzles out. Gold was also suppose to skyrocket. I remember the same hype these gold bugs built up regarding Russia opening their Gold exchange a year ago. They expected all kinds of fireworks when they opened for business. This is why I quit reading their hype a long time ago, I got tired of it. The fireworks will start tomorrow, next week, next month, next year, on-such-and-such-a-date. Same-o-same-o hype the past 10-12 yrs. And the naked paper shorts still control the U.S. PM markets. But I am sure it will happen sometime in the future, but not when the Gold bugs say it will happen!!!  THE GRIM REALITY