Since China fired its first ‘official’ shot across the Petrodollar bow a year ago, there has been an increasing groundswell of de-dollarization across the world’s energy trade (despite Washington’s exclamations of ‘isolated’ non-dollar transactors). The rise of the PetroYuan has not been far from our headlines in the last year, with China increasingly leveraging its rise as an economic power and as the most important incremental market for hydrocarbon exporters, in the Persian Gulf and the former Soviet Union, to circumscribe dollar dominance in global energy – with potentially profound ramifications for America’s strategic position. And now, as AP reports, for the first time in history, China has docked a Navy Destroyer in the Southern Iranian port of Bandar-Abbas – right across the Straits of Hormuz from ‘US stronghold-for-now’ Bahrain and UAE.
The rise of the PetroYuan has not been far from our headlines in the last year:
Guest Post: From PetroDollar To PetroYuan – The Coming Proxy Wars
The Rise Of The Petroyuan And The Slow Erosion Of Dollar Hegemony
And now, as AP reports, for the first time in history, China has docked a Navy Destroyer in a Southern Iranian port of Bandar-Abbas – right across the Straits of Hormuz from ‘US stronghold-for-now’ Bahrain and UAE.
