I recent past vibes came that the Yuan is a Petro Yuan. Some opined that the dream of China has finally come true. However the things went on a low pace subsequently. Much ccan be said with regard to the reason of this slow go however the emergence of Petro Yuan cannot be ruled out.

Few years back it was decided that China’s oil imports would not be regulated by US Dollar as it had successfully entered into an agreement with the Kingdom of Saudi Arabia that oil imports would be regulated by Yuan. If target achieved well in the line of the agreement this will be an ultimate downfall of US Dollar. Yes, it is not going to happen in days or even years to come but this is beginning of the downfall the Dollar is now destined to witness.
It is not that simple a move. It is beginning of a new era in International Economy. China is a big big importer of Petroleum. It imports about 7 million barrel petrol every day. China was asking Saudi government to sell petrol against Yuan and it was evident that Saudia can’t say no to such a buyer that buys 7 million barrels petrol per day. A refusal could have pushed China to Iran that is a nightmare for Saudia. Now Saudia has agreed and it means not only Saudia but the Gulf Council is going to sell oil against Yuan. If this happens even countries like Pakistan and all those linked with ONE ROAD ONE BELT shall opt to use Yuan instead of Dollar to import petroleum.
Pakistan spends a lot of money to import different things from China. All this is executed through Dollar. It means even to have a trade activity with China Pakistan needs Dollar. And if Dollar is not available Pakistan has to succumb to the US pressure. If only we witness Pak China trade in Yuan and not in US Dollar it means Pakistan’s dependence on US Dollar can be decreased to a considerable extent. And if D8 adopts Yuan it will change the scenario altogether.
Yes it can take time but the fact is not denying that we are entering into a new era.

CPEC is a part and parcel of this new era. However we must come out of our Hamlet like procrastination. For e betterment of economy what is to be done should be done.