China is aiming to overthrow the U.S. dollar as the currency of choice for the oil market, a move that could have far-reaching consequences. Since the 1970s, the oil trade has almost entirely been conducted in U.S. dollars, even when buyers and producers are not American. The ramifications of the dollar-denominated oil trade are immense: Because oil is priced in dollars, there is huge demand for dollars, lending the U.S. economic and strategic power.   Beijing hopes to challenge the dollar by setting up a futures market with its own currency,…

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