China eyes petroyuan to weaken dollar as oil producers rally to Beijing

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.

No one will touch Russia with their bad habits of being fascists.

Mrs habalianelie 👆👆

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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… 🤣🤣🤣🤣 As if Xi is going to give 'the Big Guy' any choice. 🤣🤣🤣🤣🤣🤣🤣 actually at this point, China's economy woe is largely its own doing, nobody can save it. It will impact US export for sure, but no big deal. As long as our manufacturing sector continues its pace of retuning and global supply chain is re-structuring, we are fine. You notice how POTUS JoeBiden has stabilized the economies of the cartels and Communist China. Yet he has done nothing to stabilize the American economy.
Source: dcexaminer - 🏆 6. / 94 Read more »