After decades of dollar-hegemonic control, the world’s biggest oil buyer is finally getting its own crude-futures contract - the so-called 'petro-yuan' is born.
Beijing has expanded its military presence in the South China Sea with the construction of seven new military bases, the head of the US Pacific Command told Congress this week.
The admiral, who has been tapped by the White House to become the next US ambassador to Australia, explained that China's military is quickly catching up to the US "across almost every domain."
China is "attempting to assert de facto sovereignty over disputed maritime features by further militarizing its man-made bases," he said.
Russian Foreign Minister Sergei Lavrov has warned that the US' own increasing military presence in the region may lead to clashes.
"I think that these are very risky games. The United States is already looking not only at North Korea, although it justifies its military presence by the North Korean issue, but also at the South China Sea, where China is holding negotiations with the Association of Southeast Asian Nations (ASEAN) countries on the settlement of disputed territorial issues."