Article Image
News Link • Economy - International

Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada

• http://www.prisonplanet.com, Zero Hedge

 In the last few days, China has signed direct currency agreements with Canada becoming North America's first offshore RMB hub, which CBC reports analysts suggest "could double maybe even triple the level of Canadian trade between Canada and China," impacting the need for Dollars.But that is not the week's biggest Petrodollar precariousness news, as The Examiner reports, a new chink in the petrodollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation in the very heart of the petrodollar system. As Simon Black warns, "It's happening… with increasing speed and frequency."

As CBC reports,

Authorized by China's central bank, the deal will allow direct business between the Canadian dollar and the Chinese yuan, cutting out the middle man — in most cases, the U.S. dollar.

Canadian exporters forced to use the American currency to do business in China are faced with higher currency exchange costs and longer waits to close deals.

Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:


Stop Wars T-shirt at The Bitcoin Store