Venezuela publishes oil prices in Chinese currency to shun U.S. dollar

[Eugene]

Source: Reuters

#BUSINESS NEWS SEPTEMBER 15, 2017 / 12:56 PM / A DAY AGO

Venezuela publishes oil prices in Chinese currency to shun U.S. dollar

Reuters Staff
3 MIN READ

CARACAS (Reuters) - Venezuela published the price of its oil and fuel in Chinese currency on Friday in what it called an effort to free the socialist-run country from the “tyranny of the dollar,” echoing a plan recently announced by President Nicolas Maduro.

Maduro last week said his government would shun the dollar after the United States announced sanctions that blocked certain financial dealings with Venezuela on accusations that the ruling Socialist Party is undermining democracy.

The global oil industry overwhelmingly uses the dollar for pricing of products.

A weekly Oil Ministry bulletin published on Friday listed September prices in yuan, while including prices from previous weeks and months in dollars.

-snip-

Read more: https://www.reuters.com/article/us-venezuela-oil/venezuela-publishes-oil-prices-in-chinese-currency-to-shun-u-s-dollar-idUSKCN1BQ2D1

[Marksman_91]

1. More examples of idiot communists who don't know Economics 101

thinking that what they're doing it is sticking to the man. Bloody imbeciles. And I'm sure the Chavista apologists here are gonna find some way to applaud this.

[GatoGordo]

2. More symbolism over substance eom

[hack89]

3. Too bad their biggest customer is the US

who really likes dollars.