Why Does the U.S. Threaten China With Trade War? Think Petro-Yuan...

"The Chinese government reportedly plans to allow the crude oil futures contract priced in yuan to be fully convertible into gold. As TFTP reported at the time, in addition to serving as a hedging tool for Chinese companies, the contract will allow for increased use of the yuan in trade settlement. These contracts will thus enable China’s trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars, according to Bloomberg."