not sure how legit the source is. only place i could find talking about it. Dollar no longer primary oil currency - China begins to sell oil using Yuan -- Puppet Masters -- Sott.net this is a huge deal if true.
No nation actually wants to support the petrodollar, they just don't want to be bombed, sanctioned, and invaded. For a more in depth article on all this. The Demise of the Petrodollar - Casey Research
China-Russia currency agreement further threatens U.S. dollar | all - International Business Times ^^ This happened in 2010. OP's article has more to do with Russia & China working closer in regard to oil exports. Not to discount that the US will lose it's reserve currency status, but this is more important in terms of seeing who the key players will be in creating a new reserve currency standard. Russia, China Will Allow Planned Tianjin Refinery to Export Fuel - Bloomberg In hosting Asia-Pacific summit, Russia bets billions that future growth lies east | StarTribune.com
The only problem is that the yuan is artificially pumped up and grossly overvaluated as compared to if allowed to float freely like the dollar is. Though that said, the dollar is in decline, and there is no real strenghtening of it in sight for the near to mid length horizon. The entire financial market is in flux. But of the contenders, only the yuan is known to be cheating as it were. And that cheating (pumping up GDP by building pyramid equivalents) can not end well. I can't say I see what is over the horizon. I don't think it will be business as usual, but not that unfamiliar either. I feel like something is about to break, but I am not sure who and when or how the crumbs will fall. Interesting times. If you like change that is
And since the Chinese have kept the Yuan so cheap other countries will be apprehensive about using it so widely. They may be an economic powerhouse in production and industry. However their capital lacks clout, and power in numbers only gets one so far.