* On Friday, China's President Xi Jinping pushed for the settlement of energy trades in the yuan.
* At a summit with Arab leaders, Xi said China would continue importing large amounts of oil.
* Settling more trade in the yuan could weaken the US dollar's global dominance in the long run.
At a summit with Arab leaders on Friday, China's President Xi Jinping pushed for the settlement of energy trades in the Chinese yuan — a move that could weaken the US dollar's global dominance in the long run.
At the summit, Xi said China will continue to import large quantities of oil and gas from Gulf states and conduct its settlement in the Chinese yuan, or RMB, according to a statement from China's foreign ministry.
Most of the world's trade is now denominated in the US dollar.
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WNU Editor: It looks like the Gulf states are onboard. Beijing will use this platform to conduct its oil trade with the oil-producing states .... China to use Shanghai exchange for yuan energy deals with Gulf nations - Xi (Reuters).
5 comments:
Here is a thought devoid of politics.
If you have a currency, which holds it value against other currency and it is not manipulated, why not buy oil with it or accept it as payment?
Large corporations by necessity barter. They broker deals where they sell finished goods for resources such as timber or ore.
Barter still happens in the 21st century and happened in the late 20th century.
Mediocre hack politician Joe biden never got the memo. TBH neither id his Ivy league staff.
How and Where Is Revenue Recognized From Barter Transactions?
"The Internal Revenue Service has ruled that companies and individuals must include the fair market value of all received goods and services exchanged for all provided goods and services – in short, you need to keep track of the value of barter transactions."
Bitter Lake 2
FDR is spinning in his grave.
Bitter Lake (film)
"The film also outlines the US's alliance with Saudi Arabia, especially the US's agreement to buy Saudi oil, for control of a key energy supplier during the cold-war era, with Saudi Arabia gaining wealth and security in return. Part of the agreement provided that Saudi Arabia was allowed to continue its violent and fundamentalist interpretation of Islam, Wahhabism, free from external influence. Saudi support for Wahhabism fed many of the militant Islamic forces from the 1970s to the present, including the Mujahideen, Taliban, Al-Qaeda, and the Islamic State."
With Biden we get the worst of both worlds. We do not get Saudi Arabia as an ally withy their oil, bases and military. We do still get their stealth jihad.
Bravo, Bravo dumb untermensch
This continues,...it will be the end of the US economy as we know it. Be prepared.
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