China could shatter petrodollar by compelling Saudi Arabia to trade oil in yuan

[Muhammed45]

China could shatter petrodollar by compelling Saudi Arabia to trade oil in yuan
Published time: 11 Oct, 2017 14:43
Get short URL

© Jianan Yu / Reuters
CNBC Weinberg said China has become a key player in the oil market since overtaking the US to become the world's largest importer.

Read more
Petrodollar end looming as China & allies dump it in oil trading - Jim Rogers
Saudi Arabia has "to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf US demand,"Weinberg told the media.

"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," he added.

A 1974 agreement between US President Richard Nixon and Saudi King Faisal meant Riyadh has been accepting dollars for all its oil exports.

However, recently, countries like China and Russia have been looking to exclude the greenback from bilateral oil trade. Russia and Saudi Arabia are the most significant exporters of oil to China, alternating in top spot.

China has already said it wants to start a crude oil futures contract priced in yuan and convertible into gold.

Veteran investor Jim Rogers told RT last month that countries are getting more concerned about trading in dollars, because “if the US gets angry at you, they just set enormous pressure on you that can even get you out of business.”

“China, Russia, and other countries understand this, and they are trying to move world trade and world finance away from that,” said Rogers.

In July, Russia and China signed a 68 billion yuan ($10 billion) investment fund to ease ruble-yuan settlements.

RT


@Azadkashmir
Bro, just wow. If this truly happens openly, the terrorist maker petrol will collapse. I stand with China. We can follow

 

[wiseone2]

China could shatter petrodollar by compelling Saudi Arabia to trade oil in yuan
Published time: 11 Oct, 2017 14:43
Get short URL

© Jianan Yu / Reuters
CNBC Weinberg said China has become a key player in the oil market since overtaking the US to become the world's largest importer.

Read more
Petrodollar end looming as China & allies dump it in oil trading - Jim Rogers
Saudi Arabia has "to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf US demand,"Weinberg told the media.

"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," he added.

A 1974 agreement between US President Richard Nixon and Saudi King Faisal meant Riyadh has been accepting dollars for all its oil exports.

However, recently, countries like China and Russia have been looking to exclude the greenback from bilateral oil trade. Russia and Saudi Arabia are the most significant exporters of oil to China, alternating in top spot.

China has already said it wants to start a crude oil futures contract priced in yuan and convertible into gold.

Veteran investor Jim Rogers told RT last month that countries are getting more concerned about trading in dollars, because “if the US gets angry at you, they just set enormous pressure on you that can even get you out of business.”

“China, Russia, and other countries understand this, and they are trying to move world trade and world finance away from that,” said Rogers.

In July, Russia and China signed a 68 billion yuan ($10 billion) investment fund to ease ruble-yuan settlements.

RT


@Azadkashmir
Bro, just wow. If this truly happens openly, the terrorist maker petrol will collapse. I stand with China. We can follow

China is the largest holder of dollars in the world. US is their largest market. America still provides investment and technology for them

 

[Muhammed45]

China is the largest holder of dollars in the world. US is their largest market. America still provides investment and technology for them

KSA, Russia, Iran, Venezuela, Algeria and Iraq are the largest oil producers in the world. Talking about KSA, i don't know that China can do it or not but if they succeed, petrol will collapse since except for KSA, other mentioned countries are all Russian allies or at it's worst condition one of the best friends. And dollar will go down due to USA's foreign debt. Man! that will be the end of USA's dominance in the world market.
Modi is wasting his time with Trump

 

[El Sidd]

It's both China and Saudi Arabia's favor to deal in dollar at this point and stage.

Nice creative ideas though

 

[Chhatrapati]

KSA, Russia, Iran, Venezuela, Algeria and Iraq are the largest oil producers in the world. Talking about KSA, i don't know that China can do it or not but if they succeed, petrol will collapse since except for KSA, other mentioned countries are all Russian allies or at it's worst condition one of the best friends. And dollar will go down due to USA's foreign debt. Man! that will be the end of USA's dominance in the world market.
Modi is wasting his time with Trump

If US go down, so does China and whoever holds large US treasury bonds say Japan. If the large investors starts to pull out their investments. This will be a recession in world economies. That's not good for anyone. USA's dominance don't end for at least 50 years, unfortunately.

 

[Tshering22]

Modi is wasting his time with Trump

Trust me, he's least concerned about Trump. Our interests converge on certain matters and that's what we want to benefit from. Simple.

We have been loggerheads with USA about 3 decades ago. Been there, done that.

 

[wiseone2]

KSA, Russia, Iran, Venezuela, Algeria and Iraq are the largest oil producers in the world. Talking about KSA, i don't know that China can do it or not but if they succeed, petrol will collapse since except for KSA, other mentioned countries are all Russian allies or at it's worst condition one of the best friends. And dollar will go down due to USA's foreign debt. Man! that will be the end of USA's dominance in the world market.
Modi is wasting his time with Trump

Innovations in solar energy and battery technology will limit the influence of oil producers
USA can produce enough petroluem from shale

USA is the technical machine that drives the world economic output.
There are more Iranian scientists & engineers contributing to American economy than Iran's.

American foreign debt is held by countries who has no interest in sudden American decline.

 

[Muhammed45]

If US go down, so does China and whoever holds large US treasury bonds say Japan. If the large investors starts to pull out their investments. This will be a recession in world economies. That's not good for anyone. USA's dominance don't end for at least 50 years, unfortunately.

How come?
I am saying that dollar will go down and on the other hand Yuan will rise. I don't think that petrol would have a valuable costumer if mentioned countries plus KSA trade in Yuan. Yes, that will create great shock, but China can dodge it easily.

Though we are talking about a possibility, indeed, US+EU will resist.

 

[Samlee]

How come?
I am saying that dollar will go down and on the other hand Yuan will rise. I don't think that petrol would have a valuable costumer if mentioned countries plus KSA trade in Yuan. Yes, that will create great shock, but China can dodge it easily.

Though we are talking about a possibility, indeed, US+EU will resist.

Have You Ever Noticed One Thing Whether China or USA Yuan or Dollar The Underlying Wealth Which Gives The Currency It's Value Is The Crude Oil of Muslims.

We Are The Ones Who Should Be Dictating Things To The World Not The Other Way Round

If US go down, so does China and whoever holds large US treasury bonds say Japan. If the large investors starts to pull out their investments. This will be a recession in world economies. That's not good for anyone. USA's dominance don't end for at least 50 years, unfortunately.

Actually Over A Passage Of Time China Has Been Offloading It's Dollar And Buying Lots of Gold

 

[Muhammed45]

Have You Ever Noticed One Thing Whether China or USA Yuan or Dollar The Underlying Wealth Which Gives The Currency It's Value Is The Crude Oil of Muslims.

We Are The Ones Who Should Be Dictating Things To The World Not The Other Way Round

That's true, but it is not our fault that our brothers stood away from us. I prefer to see Iran sells her oil/gas to countries like Pakistan, Indonesia, Malaysia, Egypt, Turkey etc that have huge labor. US pressure always keeps them away from us. Look at IP pipe line, Iran changed it's direction towards her own cities in S.east because of Pakistan's retreat from that lawful contract. Put our mutual religion which makes us religious brothers aside, you denied your own benefits by that retreat.

BTW i'd like to see dollar dominance in the world comes to it's end forever.

 

[MultaniGuy]

Good news. To hell with the US Dollar.

 

[Juggernaut_Flat_Plane_V8]

China needs to win the coming world war that it will have to eventually fight against United States and the mega-alliance of all white nations...the Last time China faced a mega-alliance of the Whites and Honourary whites (Japanese), it was not a favourable outcome..only good outcome from the Boxer Rebellion was the birth of the Scientific temper among the Chinese

If China can defeat this White Mega-Alliance, it would have won the right to be Saudi's protector...Best of Luck to the Whites as well as the Chinese. Civilizations march forward because of the overwhelming collective energy of its people...right now at this point in History, the Energy of the Chinese Civilization is overflowing at the brim

 

[Azadkashmir]

USA wont go down without a fight but Israel needs USA to die in a fight basically to lose its dollar dominance and military bases and take over but first there needs to be big war, which Israel is the winner.

sheikh said that china does mint coins which are used in the market.
Only one Muslim country is doing this, Malaysia. India modi wants digital currency.



I personally think Muslim /non muslim should form a community and mint their own coins.

 

[Juggernaut_Flat_Plane_V8]

there around 50 years worth of oil left...50 years to make money....I think Muslim nations might make a megapact and form one single super-state to efficiently distribute the profits of the last 50 years of oil...and then they would be a formidable superpower..who knows, it might be like the fabled Rashidun Caliphate 2.0...Big expectations from Muslims..A Muslim superstate is for the greater good of the world

 

[Awan68]

China is the largest holder of dollars in the world. US is their largest market. America still provides investment and technology for them

grow up...

Trust me, he's least concerned about Trump. Our interests converge on certain matters and that's what we want to benefit from. Simple.

We have been loggerheads with USA about 3 decades ago. Been there, done that.

no u havent n trust me u wouldnt want to, ur nation does not have the stomach for it, Us was indifferent to u in the past but never at loggerheads....

Good news. To hell with the US Dollar.

legacy of kissenger...