China looks to weaken US dollar with petroyuan as oil producers rally to Beijing, and Russia has 'become an Asian nation,' analyst says
While the dollar will likely remain the dominant global currency in the near future, the rise of a so-called petroyuan will gain momentum as China leverages its status as the world's biggest oil importer, analysts say.
As Western countries froze Russia's currency reserves and shunned its oil, Moscow embraced Asia as an alternative crude market and surpassed Saudi Arabia last year as China's top oil supplier. That's especially the case after the Federal Reserve's aggressive monetary tightening campaign sent the dollar soaring last year, he added. Because oil deals are largely priced in dollars, a rising greenback makes oil contracts more expensive.
That trip marked"the birth of the petroyuan," according to a recent note from Credit Suisse analyst Zoltan Pozsar, who said China wants to dedollarize parts of the world after the currency's dominant status was used against Russia.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines President Signs More Than a Dozen Agreements with China on Beijing VisitPhilippines Ferdinand Marcos Jr., often referred to by his nickname “Bongbong,” made his first visit in office to China this week, holding meetings with dictator Xi Jinping and Premier Li Keqiang.
Read more »
The US must not help Beijing stabilize its economyJust one day after Beijing ended its zero-COVID policy, and immediately following a meeting with leaders of the World Bank and the International Monetary Fund, Li Keqiang, a top official for the Chinese Communist Party, told reporters that China would welcome foreign investments and promote an…
Read more »
U.S. Sails Warship Through Taiwan Strait as China Watches SternlyThe U.S. Navy sailed a warship through the Taiwan Strait following a recent close call between U.S. and Chinese military planes, reminders of the nations’ military tension
Read more »
XRP Adoption in US Is What China Wants To Prevent, SEC Comes in Handy: OpinionChina strives to prevent XRPadoption in the US, Reaper Financial CEO RealReaperCEO claims $XRP Ripple
Read more »
China seeks to minimize COVID-19 risk during travel rushChina is seeking to minimize the possibility of a major new COVID-19 outbreak during this month's Lunar New Year travel rush following the end of most pandemic containment measures
Read more »
White House hopeful war with China over Taiwan 'never comes to pass': reportWhite House National Security Adviser Jake Sullivan said he believes war with China over Taiwan can be avoided even as tensions remain high in the region.
Read more »