Russia's top diplomat starts China visit with call to reduce U.S. dollar use

[lcloo]

No US dollar is used here. A new beginning in using RMB instead of USD for international commodity future in China, the first transaction has began.

"The first deliveries of metal on the Shanghai International Energy Exchange's (INE) bonded copper futures saw a total of 6,225 tonnes worth 370 million yuan ($56.85 million) changing hands, the bourse said on Monday."

First deliveries on China's bonded copper futures total 6,225 tonnes - Markets - Business Recorder (brecorder.com)

 

[bshifter]

How many more trillions is US going to print? Will this habit die?

 

[jupiter2007]

China and Russia should have created a single currency with the help of like minded countries.

 

[Jobless Jack]

China replies, "Thanks, but most of our power comes from the USD. We are the factory of the USA thus we have an almost endless supply of USD. You, Russians, don't thus we can buy pretty much anything from you. Same for the rest of the world. haha"
Lavrov replies, "Oooh "

China, "In fact the more USD the USA prints the better for us. You, Russians along with most others, get poorer. We, Chinese, keep earning gobs of USD so we get richer. haha To be rich is beautiful."

Yes but uncle sam is waking upto this. This is why he is so eager to provoke china to war

 

[Indos]

China Yuan and its Russia backing are only backed by two countries, not possible to challenge USD. Only multinational currency like Euro can challenge USD. This is why the only chance is when Muslim countries make its own single currency and then China join.

 

[Beast]

China Yuan and its Russia backing are only backed by two countries, not possible to challenge USD. Only multinational currency like Euro can challenge USD. This is why the only chance is when Muslim countries make its own single currency and then China join.

Lol.. even your own Muslim nation combine ,the economy size is not even half of China..

China rmb is backed by the world factories. You hold rmb, meaning you can used it to exchange goods with China. China products is cheap and better value compare to highly expensive industries product like heavy machinery, tunnel boring machine and even HSR of western.

No one can avoid buying China product. Not even money printing American.

It's a matter of time, China will force countries buying made in China with rmb only. You can go buy made in western product but they will cost you 2-3 times higher but doesn't translated to better quality product.

 

[lcloo]

No US dollar is used here. A new beginning in using RMB instead of USD for international commodity future in China, the first transaction has began.

"The first deliveries of metal on the Shanghai International Energy Exchange's (INE) bonded copper futures saw a total of 6,225 tonnes worth 370 million yuan ($56.85 million) changing hands, the bourse said on Monday."

First deliveries on China's bonded copper futures total 6,225 tonnes - Markets - Business Recorder (brecorder.com)

Edit:-

" As of March 15, INE copper futures had recorded a cumulative turnover of 414.3 billion yuan, the INE said. "

The RMB 370 million deal is for the first future contract delivered. Total contract transactions signed and will be delivered in future is RMB 414.3 Billion as at March 15th.

Foreign suppliers of copper must sell in RMB to Chinese buyers.

 

[Indos]

Lol.. even your own Muslim nation combine ,the economy size is not even half of China..

China rmb is backed by the world factories. You hold rmb, meaning you can used it to exchange goods with China. China products is cheap and better value compare to highly expensive industries product like heavy machinery, tunnel boring machine and even HSR of western.

No one can avoid buying China product. Not even money printing American.

It's a matter of time, China will force countries buying made in China with rmb only. You can go buy made in western product but they will cost you 2-3 times higher but doesn't translated to better quality product.

The energy commodities are in majority in the hands of Muslim nations and it is not only about the economic power since it is useless if China promote Yuan if no one wants to use it. Muslim countries are many so if they can make a consensus to use Muslim currency among their trade to each other, so the number of countries who are using it will be quite many, more than European currency.

Then it will only be powerful enough to start challenging USD if China also uses Muslim currency to trade with Muslim countries.

 

[powastick]

The energy commodities are in majority in the hands of Muslim nations and it is not only about the economic power since it is useless if China promote Yuan if no one wants to use it. Muslim countries are many so if they can make a consensus to use Muslim currency among their trade to each other, so the number of countries who are using it will be quite many, more than European currency.

Then it will only be powerful enough to start challenging USD if China also uses Muslim currency to trade with Muslim countries.

The problem with the Muslim nation they are at odds which each other. If they cooperate together and made petrol base currency, they will be far richer today. And Russia would gladly join a petrol base currency. Those who provoked US with the idea of alternate currency are dead now. No Arab country would dare. But is kind of too late now, oil is reaching it's peak and slowly transitioning into renewable/alternative. How foolish is that, golden years of oil wealth, wasted in screwing each others?

 

[Indos]

The problem with the Muslim nation they are at odds which each other. If they cooperate together and made petrol base currency, they will be far richer today. And Russia would gladly join a petrol base currency. Those who provoked US with the idea of alternate currency are dead now. No Arab country would dare. But is kind of too late now, oil is reaching it's peak and slowly transitioning into renewable/alternative. How foolish is that, golden years of oil wealth, wasted in screwing each others?

It doesnt need to be backed by oil or gold, just like how USD now traded based on market only. If it is backed by oil, it will likely get too strong and it is not good for the economy for the Muslim countries as well.

About the Muslim countries at odds at each other, I hope the leaders get the lesson now and there is good development coming out from Libya where UAE has withdrawn their interference there and local leaders are agree on power sharing agreement and democracy, hopefully Yemen conflict can also follow suit

Oil price will likely be quite good until the next 20 years despite renewable economy is likely to replace oil based economy. Reduce investment in finding new oil field and combined with good supply control by OPEC country can still support oil price at profitable level. Oil will still be needed for ships, planes, and military equipment, it will likely be still considered as a very strategic commodities even during renewable based economy has reached its peak potential.

Any way Muslim countries are also major gas producer which is still needed by power plant as solar panel and wind based power plant will likely not be able to replace gas and coal as main electricity supplier until the next 30 years. And for countries which has cold season like China, USA, and Europe, they still need gas and coal based power plant.

 

[antonius123]

The energy commodities are in majority in the hands of Muslim nations and it is not only about the economic power since it is useless if China promote Yuan if no one wants to use it. Muslim countries are many so if they can make a consensus to use Muslim currency among their trade to each other, so the number of countries who are using it will be quite many, more than European currency.

Then it will only be powerful enough to start challenging USD if China also uses Muslim currency to trade with Muslim countries.

These energy commodities in fact could not make trade of whole middle eastern country combined come close to that of China. So it is China the biggest trading partner of most countries in the world; that means countries need Yuan more than Dinar for their trading and reserve currency.

 

[powastick]

It doesnt need to be backed by oil or gold, just like how USD now traded based on market only. If it is backed by oil, it will likely get too strong and it is not good for the economy for the Muslim countries as well.

USD was backup by gold initially, today it isn't anymore. Guess what it is back with? Those who try to stray away from dollar is dead, countries that don't buy their dollar economically destroyed. So no matter what, you need to convince people that you won't simply print money by backing it up by petrol. This is why US left Bretonwood agreement, because they have been printing money secretly to finance wars and people start cashing out through gold.

 

[TNT]

Stupid joe took a wrong start, pushing russia and china together, willonly harm the US.

 

[Indos]

These energy commodities in fact could not make trade of whole middle eastern country combined come close to that of China. So it is China the biggest trading partner of most countries in the world; that means countries need Yuan more than Dinar for their trading and reserve currency.

Nope, Dinar currency will likely be created because of consensus among Muslim countries like how European countries make Euro. Similarity in culture and brotherhood is the main reason this currency can be acceptable and used by all Muslim countries. Yuan doesnt have this important factor. The broad use of the currency by Muslim countries then could prompt other country use the currency as well, similar like how Euro has become important currency in world trade beside USD.

Any way, there is no incentive in using Yuan since most Muslim countries and other countries have trade deficit with China.

I also would not call this currency as Dinar as Dinar is based on Gold, this currency should only be based on market system and trust so the central bank doesnt need to back it up with gold or other commodities. All currencies in the world has been under market system and not backed by Gold or other commodities anymore.

 

[Leishangthem]

Lol.. even your own Muslim nation combine ,the economy size is not even half of China..

China rmb is backed by the world factories. You hold rmb, meaning you can used it to exchange goods with China. China products is cheap and better value compare to highly expensive industries product like heavy machinery, tunnel boring machine and even HSR of western.

No one can avoid buying China product. Not even money printing American.

It's a matter of time, China will force countries buying made in China with rmb only. You can go buy made in western product but they will cost you 2-3 times higher but doesn't translated to better quality product.

East Asia is anti-religious fanatism,no matter what the religion is,it will never back anything based on a concept of religion. East Asia ,Europe,India would never back a currency of Islam based bloc,,last thing they want is any religious element gaining foothold in world financial order.