We argue that China, like many other countries, is developing a three-prong strategy for dealing with the Trump Administration. First, push back against tariffs, retaliating selectively. Second, challenge the US actions at the WTO. Third, some US demands that are perfectly consistent with President Xi's agenda for China.
In March, China launched a yuan-denominated oil futures contract. We think that some observers put too much weight on the OPEC's pricing of oil in dollars. It may have been more important in the early 1970s when the decision was made, but 45 years later, as the