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No government has been powerful enough to break the petrodollar arrangement until now. How did that happen and what will it mean for the U.S. and global economies?
SERIOUS BUSINESS: It might appear to be just a simple switch from dollars to the Yuan or the Renminbi, but it is a very significant deal that has massive consequences for the US and the status of its currency as the global worlds reserve currency.
On Friday, the Eurasian Economic Union and China agreed to design the mechanism for an independent international monetary and financial system.