Dollar no longer primary oil currency as China begin selling oil using YUAN

[xyxmt]

Before this announcement, even the countries that hate US had no choice but to use US Dollar for Oil trade, how Ironic it is that you hate me but put your hard earned money towards the purpose of me controlling you. With this action, China has given an alternate to those nations. In the short term this wont make a big dent in the US dollar domination but and small scratch but in the long run it will help countries to get out of US choke hold. US Sanctions wont have any effect since there is an alternate route that goes thru China.

 

[Ticker]

OK chawanni and athanni,

you have no response to the question.


When you say "my country", I assume you mean Pakistan. Right?

So tell me how Yuan as an alternative to dollar will be better for Pak.



peace.

No ..... I mean Djibouti.

We will have both dollars and yuans and riyals and dirhams

 

[problemfreeleader]

Oh .... please don't display a viagra add now.

India is being encouraged by usa to build powerful naval forces that can threaten China’s oil routes to the Mideast and keep its navy out of the Indian Ocean.
Viagra is important to reduce the burden of dollars because Pakistani corrupt leaders and establishment have lot thirst for$

 

[Cheetah786]

Unless China stops artificial undervaluation of its currency its hard to see Yuan replacing USD any time soon in near future

yes but the Americans are also playing with their currency now and trying to bring it down as much as possible.

 

[gambit]

Wishes on such economic tsumani happening in the world is next to zero. there is a higher probability of pigs flying because if everybody goes to their own currencies there would be no global currency in a global market. besides they will be devaluing their own dollars in reserve. These arguments you guys have is not based on solid economic reality but more so because of your hatred for America.

I read the same 'arguments' when the euro began trading, that it is the end of the dollar, that it 'doomed' the US, and so on...

Funny how the same people conveniently forgot their own 'predictions' and have no problems making new ones.

 

[Cheetah786]

When you say "my country", I assume you mean Pakistan. Right?

So tell me how Yuan as an alternative to dollar will be better for Pak. And what stops Zardari to take a bribe in Yuan instead of dollars at this very moement?

Funny that you say Rich Arabs need Yuan to "invest" in alternative location?

So right now a Rich Arab carrying millions of dollars goes to country X and says, Ya Habibi, take my dollars and invest in your country/ company.

you think country X says, No habibi, bring Yuan and we will talk. "Me no taking stinking dollars".

hahahahaha.


I mean brother which heaven do you live on?

Oh bhai sahaib, dollar doesn't constrain anyone. you can can take dollars to any corner of the world, and if the local population has any sense of currency, they will accept it.

On the other hand Yuan will limit the options for decades to come.

So I urge you to not let your mind get clouded with anti-Americanism. Otherwise you will continue to reach the wrong conclusions like so many Mullahs, and leftists.


peace

sir The reason dollar is available in every corner of the world is because it was the only currency used to buy oil with since yuan will start to do that it will be as easily trade able as the mighty green back.

Rich Arabs were getting paid about 10$/brl and were forced to keep their money in American accounts call it what ever u like with the introduction of yuan as the alternative to us dollar the transaction no longer have to go through Americans banks and they can invest or keep it at other places.

I read the same 'arguments' when the euro began trading, that it is the end of the dollar, that it 'doomed' the US, and so on...

Funny how the same people conveniently forgot their own 'predictions' and have no problems making new ones.

Americans used the British and try to destroy Euro but in the end Germans were successful in keeping the euro alive and pretty much controlling the whole Europe .

 

[Cheetah786]

No ..... I mean Djibouti.

We will have both dollars and yuan's and riyals and dirhams

You no this could confuse Zardari and other Pakistani politicians which currency to accept as a bribe and where to keep it.

 

[manojb]

Where does RMB stand? Top 8 Most Tradable Currencies

 

[Plexyre]

Where does RMB stand? Top 8 Most Tradable Currencies

The RMB is not yet fully convertible like the other currencies on that list, so it is still quite a ways off from being traded regularly.

 

[Thomas]

These step is going to effect the Dollar monopoly and ultimately make the dollar collapse.

You have no concept of the world economy, China doesn't want the dollar to collapse. It would be very bad news for China and the rest of the world if it did.

 

[terranMarine]

But America sure wants the Euro to collapse. Goldman Sachs - Wikipedia, the free encyclopedia

 

[VCheng]

But America sure wants the Euro to collapse. Goldman Sachs - Wikipedia, the free encyclopedia

The Euro has a high likelihood of failing within a few years at the most.

 

[Fanling Monk]

America wants and takes actions to whoever challenges her supremacy to fail. Be it the Soviet union, the Japanese in the 80s or the Euro in recent years and now China. China must stay low key and be careful, for she'll go a long way to achieve her goal.

 

[JayAtl]

Funny you should mention a global currency. Americans hate the idea of a global currency as part of the NWO hysteria. Of course, they don't think the same if the global reserve currency was the US dollar.

China did support the IMF idea of creating special drawing rights as the basis of a global reserve currency. No global currency though.

funnier - how you have yet to tell us how your dream of multiple currencies transactions works in a global market. You keep side stepping with other anecdotes but common sense economic theories. Of course the Americans like it their way- every power in place does. Just like you guys claim SCS all to yourself just because of some ancient hold on those routes.

 

[UnChosen]

It won't happen any time soon. China may want the yuan to be the world currency, but she doesn't want other to speculate and profit off the country in the progress.

The last country to be in this position was Japan, and what happened was that the Yen was allowed to appreciate so fast (partly due to US pressure), that it resulted in a massive speculation bubble...everyone bought the Yen and Japanese investments but the country does not have the fundamentals to support it. It resulted in 2 lost decades of Economic growth for the country.

If China learned anything from that she would probably just keep letting Yuan into the world financial system a bit at a time while appreciating the currency by like 3% a year so that it won't be worth it to speculate in the currency for profit.

Its far better to accept slower growth and devalued US dollars (and more expensive oil/commodities) for now, rather than risking the same thing as Japan.