Iran accepts renminbi for crude oil

[itaskol]

Iran accepts renminbi for crude oil - FT.com

Iran is accepting renminbi for some of the crude oil it supplies to China, industry executives in Beijing and Kuwait and Dubai-based bankers said, partly as a consequence of US sanctions aimed at limiting Tehran’s nuclear programme.

Tehran is spending the currency, which is not freely convertible, on goods and services imported from China.

Most of the oil that goes from Iran to China is handled by the Unipec trading arm of Sinopec, China’s second-largest oil company, and through another trading company called Zhuhai Zhenrong, the oil industry executives said.
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china will buy more oil from Iran

 

[Skallagrim]

Do China and India both buy crude at the same price from Iran?

 

[itaskol]

Do China and India both buy crude at the same price from Iran?

I have tried, but no where can find oil price from Iran.

 

[DF-41 ICBM]

the world has to break the petrodollar monopoly.

world commodities should be priced in many different currencies

 

[kawaraj]

maybe it's the arrangement from BRICS summit month ago.

 

[DF-41 ICBM]

nigeria has also said it might accept renminbi for its oil payments with china.

 

[lem34]

Excellent lets hope this becomes a trend. This will assist American demise

 

[below_freezing]

good going. this is a start to balancing out the global economy.

 

[kawaraj]

nigeria has also said it might accept renminbi for its oil payments with china.

it's just the obvious, the largest exporter/manufacturer's currency is certainly the settlement currency, put it simple, a country will only accept a currency that entitles and guarantee you to buy anything(out of China). Well Russian and Brazilian currencies at present are not the ones yet(they only make or export a few categories of merchandise. but these countries will benefit in the BRICS arrangement.

being independent from USD will improve the trade efficiency, saving both time and costs, more importantly, saving the risk of sanctions from a rogue country.

 

[Korean]

Yuan can be used to import goods and services only from China.

This would mean Iran would soon be piling up with unused Yuan bills.

 

[kawaraj]

Yuan can be used to import goods and services only from China.

This would mean Iran would soon be piling up with unused Yuan bills.

luckily China makes everything and exporting everything, except some sensitive tech restricted by UN.

Useless? you are fvcking crazy. If anything useless, that's Korean Won, a small developing countries's currency is totally useless.

As to purchasing capability, Renminbi is only after US dollars.

 

[Korean]

luckily China makes everything and exporting everything, except some sensitive tech restricted by UN.

And there is little that Iranians want from China, as Iranians are used to European goods.

As to purchasing capability, Renminbi is only after US dollars.

Never heard of a currency called Euro?

It won't be long before Iran stops accepting Yuan as there is little Iran can do with this stack of papers.

 

[kawaraj]

And there is little that Iranians want from China, as Iranians are used to European goods.

Never heard of a currency called Euro?

It won't be long before Iran stops accepting Yuan as there is little Iran can do with this stack of papers.

can you stop uttering words out of you @ss?

China is Iran' largest trading partner of Iran since 2009.

China overtakes EU as Iran’s top trade partner - FT.com

not to mention the currency "euro" has been in dire strait.

 

[Korean]

can you stop uttering words out of you @ss?
China is Iran' largest trading partner of Iran since 2009.
not to mention the currency "euro" has been in dire strait.

This is the better illustration of trade between two.

China runs a large trade deficit against Iran due to oil imports, and the deficit should have only increased due to skyrocketing oil prices. A lot of stuff that Iran buys from EU, Japan, and Korea cannot be substituted with Chinese imports.

 

[manofwar]

This is the better illustration of trade between two.

China runs a large trade deficit against Iran due to oil imports, and the deficit should have only increased due to skyrocketing oil prices. A lot of stuff that Iran buys from EU, Japan, and Korea cannot be substituted with Chinese imports.

like???.....provide some examples please....