Active global de-dollarization continues. Still has a special role is played here by China, which has now signed currency agreements with Canada and Qatar.
Canada thus becomes the first offshore hub for the yuan in North America, and the volume of trade between Canada and China may in the near future to double or even triple, thereby reducing the need for dollars.
But that's not the most dangerous news for the petrodollar this week. China also signed an agreement with Qatar on direct currency swaps between the two countries using the yuan.
The fact that China began thus to interact with the OPEC countries, suggests that it beats in the heart of the petrodollar system. And last strikes are more and stronger. Typically, canadian exporters forced to use American currency when trading with China, and this increases costs and leads to longer waiting the completion of the transaction.
And this is exactly what has made the canadian authorities. In particular, Stephen Harper would like to increase the number of small and medium businesses working with China, selling there products and services. The amount of the swap agreement between China and Canada is 200 billion yuan. Currency countries will be used not only in trade but also in investments.