THERE GOES THE DOLLAR
China Settles First LNG Trade In Yuan
China has just completed its first trade of liquefied natural gas (LNG) settled in yuan, the Shanghai Petroleum and Natural Gas Exchange said on Tuesday.
Chinese state oil and gas giant CNOOC and TotalEnergies completed the first LNG trade on the exchange with settlement in the Chinese currency, the exchange said in a statement carried by Reuters.
The trade involved around 65,000 tons of LNG imported from the United Arab Emirates (UAE), the Shanghai Petroleum and Natural Gas Exchange added.
The French supermajor, one of the world’s top LNG traders, confirmed to Reuters that the trade involved LNG imported from the UAE, but declined to comment further on the deal.
During a landmark visit to Riyadh in December, Chinese President Xi Jinping said that China and the Arab Gulf nations should use the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trades.
“China will continue to import large quantities of crude oil from GCC countries, expand imports of liquefied natural gas, strengthen cooperation in upstream oil and gas development, engineering services, storage, transportation and refining, and make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade,” Xi said in December, as carried by Reuters.
While the Chinese currency has made inroads in global trade, the yuan accounts for just 2.7% of the market, compared to the U.S. dollar’s share of 41%.
Over the past year, Russia has turned to trade in yuan in the wake of the Western sanctions on its exports, imports, and energy trade, as the Chinese currency has become Putin’s only alternative to reduce exposure to the U.S. dollar and the euro.
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GUNS N GEAR
“operation sandman”. Instead of a public denouncement, it’s just business transactions in other currencies without fanfare.
Someone smarter than me, what does this mean near-term? Runaway inflation, a hurry-up to the Digital Currency; something else?
I second your question.
Thank you Republican and Democrat swamp rats. Things are going
exactly according to your plan.
Rest assured, the greedy USSA banksters have their interests at heart, and you can look forward to the crumbs to be distributed to the serfs accordingly.
From my friend Eric The Capitalist. This what its always been about. Pretty much all wars are about protecting the hegemony by any means necessary. Sure the MIC does quite well but the reason at the heart of it all is to protect hegemonic economic system and currency. The Civil War was about Great Britain protecting theirs at that time.
If you can’t invade or takeover a country then you infiltrate it from within by causing division amongst the population (colour revolutions are a prime example). The Neocons/Globalists/Trotskyites are losing their grip and therefore their sanity. Spent a lot of time worrying about how to stop the collapse. A bit of peace came when I finally figured out early Fall of 2022 it cannot be stopped. It’s like a forest fire clearing out the old to make way for the new.
https://capitalisteric.wordpress.com/2023/03/31/operation-sand-man-and-ramifications/#comment-8896