China And Russia Look To Challenge The Petrodollar

The increasingly closer relations between China and Russia and the Chinese push to make its currency more relevant on the global markets are challenging the dominance of the petrodollar.    The U.S. dollar, which has been the currency of choice in oil trade since the 1970s, is still the dominant currency in the market and global currency reserves.

But several recent deals and highest-level summits have sought to undermine the dollar’s dominance.  The new geopolitical alliances, where China and Russia are working to oppose…