Last month, China announced a plan to start an oil futures contract priced in Yuan that will be convertible into gold. This sounds confusing, and may not seem like a big deal at first, but it’s important to remember that China is the largest importer of oil in the world, and has also historically had very tight currency controls. To better begin to understand the implications—because we are nerds about this stuff—let’s take a little … read more Newsletter #137—The Thaler