China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.
With OPEC tapped out, where will China find the oil to power future economic growth?
The obvious answer is it will take a big chunk out of the 19 million barrels the U.S. economy burns every day. And China doesn't have to build a blue water navy or engage in an arms race to take a big slice of the U.S.'s energy pie . All it has to do is stop showing up at the U.S. Treasury auction, and Washington's massive budget deficit will do the rest.