Strengthened China-Saudi ties raise prospects for use of yuan in oil settlement - Global Times, Dec 08
China-Saudi move helps hedge against uncertainties, weakens US dollar hegemony
A discussion of shift to use Chinese yuan in China-Saudi oil settlement is increasingly rising recently amid an ongoing visit of Chinese President Xi Jinping to the country.
The shift is deemed as necessary by observers from both countries in light of the "increasing weaponization of the dollar dominated financial system," they said, hoping the move to inject certainty to bilateral trade and dent the US dollar's hegemony of the global petroleum market.
More frequent use of each other's currency is also highlighted in the agenda of the Chinese government. In a report titled "China-Arab Cooperation in the New Era," which the Chinese Foreign Ministry released on December 3, China said it will strengthen monetary cooperation with central banks of Arab countries, and discuss expanding cross-border local currency settlement and swap arrangements.
China is Saudi Arabia's largest trading partner, with bilateral trade worth $87.3 billion in 2021. "Using the Chinese yuan to settle a portion or all of their trade, whether it be oil-related or not, is only logical and normal, especially in light of the increasing weaponization of the dollar dominated financial system," said Ebrahim Hashem, former adviser to the chairman of the Abu Dhabi Executive Office.
"Settling their trade in their local currencies, especially in the Chinese yuan, will further cushion their trade against possible politicization of the international financial system," Hashem said.
The talks over yuan-priced oil contracts have been going on for years, but this year witnessed signs of acceleration.
"If those active talks between Riyadh and Beijing succeed in pricing some of Saudi Arabia's oil sales to China in yuan, then it is a step that would reduce the dominance of the dollar in the global oil market," said Nadia Helmy, professor of political science, Beni Suef University, Egypt. "I believe that allowing oil payments to be made in yuan may pave the way for the creation of a (parallel system for international payments) in which the Chinese yuan will have the same importance and strength as the US dollar," the expert said.
Anonymous
One small step in Riyadh, one big leap for mankind.
ReplyDeleteSaudi Arabia must be on the highest alert. Saddam and Gaddafi were killed by the Americans for wanting to sell oil not in US$.
ReplyDeleteThe evil Americans must be planning something drastic to stop this from happening. There must have been a lot of meetings and pressures on Saudi Arabia not to go forward with selling oil in Yuan, a reason why this meeting had been delayed for so long.
The USA, after the cut in OPEC+ production recently, had threatened to pull out it's military defence systems in Saudi Arabia, but had not done so. Why?
ReplyDeleteThey knew that if they did so, Russia will ever be willing to step in to fill the void, which is not to their benefit. Already, the Saudis have bought Russian air defence systems, after the USA Patriot Missile Defence system failed to stop Houthi rockets hitting the Saudi oil installation.
The Saudis are not unaware of the danger, but they know Russia will not stand idly by, as in Syria. Right after the visit of Biden to Saudi Arabia, MBS spoke to Putin on the phone and what they discussed must be of strategic importance besides oil. But of course they must be very alert, knowing the behavior of the vile, malicious and evil USA and what they can do.
Russia's entry into Syria was a very vital move to stop the fall of Syria and to tell the Americans that Russia is prepared to fight the Americans. That move stopped the Americans from running wild and running down the Assad government. It also stopped the Americans from more regime change and wild adventurism in the Middle East.
ReplyDeleteThe Americans have been mistreating and bullying the Arab countries for a long time, including bullying Saudi Arabia. What rubbish protection are the Americans talking about? The threats to all Middle East countries comes from the Americans. Telling the Saudis that they would pull out is sheer nonsense. Who is going to attack Saudi other than the Aemricans and the Israelis?
That moonwalk? How true is it? Michaels Jackson did not go the the moon, but he moonwalks like a pro-astronaut.
ReplyDeleteNothing is impossible in a Hollywood studio. Movies are made from fiction. Even real events that have been made into movies are distorted versions to be more entertaining.
The USA had been fabricating the narrative that Iran is going to attack the Saudis. Maybe, it will turn out to be Israel doing it and creating a false flag to benefit the USA.
ReplyDeleteEvery step the Americans are taking to go to the moon is unintentionally exposing their lies about landing on the moon in the 1970s. They keep revealing the truth, that they have not been on the moon.
ReplyDeleteThe latest trial of the Artemis is to test if man can survive the Van Allen radiation belt and to check on the condition on the moon surface. And they claimed they had been on the moon 7 or 8 times. Why is there a need to check on these two? Should not they have confirmed that it is safe passing through the radiation belt and landing on the moon?
What are they lying? Or are they confirming that they were lying all the time?
The more they lie, the more they contradict themselves. Just like the more they think they are strangling Russia, they are in fact strangling their allies. How many really believe that the oil price cap is going to work? And they took this advice from, of all people, just Janet Yellen's ignorant yelling.
ReplyDeleteWith only the G7 heeding their call, what about the rest of the world, like India and China, Both among others making a mockery of their sanctions. The oil from Russia are sold to China and Russia at big discounts, to be resold to Europe at heavily marked up prices.
They think that banning of tanker owners and insurers from servicing those seabourne Russian oil is going to strangle Russia and put a stop to Russian oil exports? There are big insurers in China and Russia among others, scooping up the business at the expense of London and New York. And Russia itself is said to have spent billions buying oil tankers well in advance in anticipation of such a move by the West. Other tanker owners in Europe and Japan are going to suffer as a result.
Correction:
ReplyDeleteThe oil from Russia are sold to China and 'India' at big discounts, to be resold to Europe at heavily marked up prices.
My apologies. Anon 2.42
Right. They claimed to have been to the moon 7 or 8 times, but only now is checking the effect of the radiation belt. Are they now checking the radiation belt to find out if it is really safe, now that the Chinese have passed through that and they are just testing? They are contradicting themselves, claiming they have gone through that region 7 or 8 times. It is illogical.
ReplyDeleteBiden sheepishly went to Saudi Arabia to kiss the hands of the man he called 'pariah'. The loose mouth dementia man deserved to be kicked in the ass, and got the cheek to want to order the 'pariah' man to do as he commanded.
ReplyDeleteThe answer from the 'pariah' man, 'Kiss my ass'. And Biden meekly flew home, smiling, but empty handed.
This is the best payback for MBS. The arrogant Americans forever bullying the Arabs, even their closest ally, and did not bother about how the insult hurts. The 'pariah' man is the Chosen One, to be King of Saudi Arabia. How dare the silly Americans called him a pariah. It is an insult to the royal family and the whole of Saudi Arabia and the Arab World.
The Americans have still refused to apologise to the royal family of Saudi Arabia for insulting their favourite son.
ReplyDeleteFrom the analysis of moon samples that China collected, China is telling the world that the moon rock samples from the Americans were fakes. The contents were very different from the real samples collected by China recently.
ReplyDeleteInsulting someone and later asking him for help is shameful. Asians know the meaning of shame. Not the Anglo Saxons.
ReplyDeleteApologise? Have Little Britain and France apologised to China for the opium war they declared against China for refusal to allow them to conduct their opium trade in China more than a century and a half ago?
Forcing opium upon the Chinese was the most barbaric act ever conceived by humankind and is worse than animal behavior.
They are trying to plant the American flag on the moon before their lies are found out.
ReplyDeleteSome say the USA moon rocks were taken from the Arizona Desert. No other moon rock samples were available to compare, so the hoax could withstand the scrutiny. Now that the Chinese have the real moon rocks, things are falling apart for the USA.
There is now in the news that a massive meteorite, of about 10 tons, fell inside a Chinese Province and the USA is asking the Chinese to let them have a piece of the meteorite. For what purpose? Think about it!
When China brought back some moon samples, they quickly demanded some from China. Why? Didn't they claimed to have hundreds of kilos of moon rocks?
ReplyDeleteOr they desperate want to check and hoping that the samples brought back by China could not prove their moon rocks were fakes?
They must be damn worried that their hoaxes have finally been exposed.
Have a few hundred kilos, scooping up by the buckets by their astronauts on the moon! Now desperately wanting a few samples from China? What a joke.
What did this proved by their own actions?
Islam’s Prophet Muhammad: “Seek knowledge even if you have to go as far as China.”
ReplyDeletePresident Xi's visit to Saudi Arabia and meeting Heads of States of the countries in the Middle East must be like a stab in the heart of the evil empire. Let's hope that this is the start of the fall of the PetroDollar.
ReplyDeleteLogically speaking, if one is to believe that the Americans had landed on the moon so many times, then one can conclude that the radiation in the Van Allen Belt is not harmful to man, or at least the Americans have the technology to prevent it from harming their astronauts, as well as the moon surface is safe for man.
ReplyDeleteThen the test flight with a dummy in the Artemis rocket to test the Van Allen Belt radiation is unnecessary and a waste of effort and money, to prove/test on something that had already been tested and proven safe.
Are the Americans nuts or stupid? What is going on? Why do the unnecessary? It is not cheap and a big waste of time. Just fly to the moon.
Elon Musk Implies US Moon Landing is Faked
ReplyDeleteElon Musk said recently that the 1969 Apollo 11 Moon-landing mission was an “anomalous situation.”
“The fact that we were able to go to the Moon in '69 was such an anomalous situation, it was like reaching into the future and bringing the technology forward,” said Musk.
The landings, which saw Neil Armstrong become the first human to purportedly step on the lunar surface, were “not the natural pace of technology development,” according to the SpaceX founder.
The USA is working overtime behind the scene on how to prevent China and the Middle Eastern Oil producers to close ranks and conduct the oil trade in currencies other than the US$.
ReplyDeleteHad this been any other country, I believe we should be watching a regime change. But China is a different proposition and Saudi Arabia itself probably has the Russians covering their backs. So, what can the USA do?
The CIA and USA funded NGOs will be very busy in the Middle East doing their dirty work, and MBS has to watch his back. Not just externally, but internally there are elements still supporting the USA for a regime change. Many have massive assets in the West and cannot afford sanctions against them to take place.
ReplyDeleteThe
Wisemen are in the East. This is not difficult to fathom.
The Two Largest Populated Civilization, China and lndia, are in the East. Both are most ancient, have large
landmasses and huge populations and are still multi-plying
Had China not practiced one child policy, it could have reached the 2 Billion Mark in population.
Anyway,
exploration into the Cosmos
is a waste ot efforts. Mankind cannot survive elsewhere except Earth.
Outer-space shall be used by mankind for warfare and serves no other purpose except to satisfy our curiosity of the Universe.
Rest assure that mankind will all gone long long before it could learn anything about space.
Emptiness is the Only lnfinte
Item that no one can get to know.
DeleteGood Morning Virgo49 and All;
It is only wise to be keep things in balance as thr Chinese Culture is is always doing in Yin and Yang Equilibrium. And here is where the Wisdom exists. Moderation itself is to maintain balance.
The Greatest and lnfinite Wisdom of the Chinese Culture that stands the Test of Time is the Core Value that the Chinese Tribe places on Humanities. The Virtue of Propriety lntegrity and Righteousness. They are human virtues that need no divine power and or imagination to
attain the Well-being of all.
A
simple holistic way to attain the Wholesomesomeness of being and existence.
Cheerrd