Energy Finance Cooperation and Competition between China and U.S.

The oil dollar is at the center of the US hegemonic redistribution system. Maintaining the oil dollar pricing mechanism is not only conducive to maintaining its position in the international monetary system, but also has far-reaching significance for its control of the international oil market and the consolidation of US global hegemony. There are cooperation and competition between China and U.S. in this field. On the one hand, China has accelerated the internationalization of the renminbi and increased the use of the renminbi as an international energy currency, and expands the scope of international payment of Renminbi, increases the international recognition of “energy-renminbi” in BRI, and competes with the “Petroleum dollar”, On the other hand, it has accelerated the formation and improvement of the oil reserve and crude oil futures market, and has rid of the plight of China's lack of futures products such as crude oil, thus effectively coping with the fluctuation of oil prices. Keywords—energy finance; petroleum dollar; oil renminbi