로그인




연락처 :
bolle1917@gmail.com


http://russia-insider.com/en/politics/saudi-arabia-has-lost-asia-russia-now-chinas-biggest-oil-partner/ri12611

Goodbye Petrodollar: Russia Accepts Yuan, Is Now China's Biggest Oil Partner

Russia reaps the rewards of dumping the dollar

Wed, Feb 3, 2016 | 60,865 108
Saudi Arabia's share of Chinese oil imports at the beginning of the decade was about 20%, while Russia's was below 7%. Not anymore.
Saudi Arabia's share of Chinese oil imports at the beginning of the decade was about 20%, while Russia's was below 7%. Not anymore.

Russia is now the top crude exporter to China, the largest (or second largest, depending on whom you ask) oil demand growth country in the world.

At the start of the decade, Saudi Arabia enjoyed a 20% share of Chinese crude imports, while Russia was lagging far behind with 7%. Now the Saudis find themselves neck and neck with Moscow for the lead in Chinese market share, with both performing in the 13-16% range. But Russia's share continues to rise, as The Kingdom struggles to maintain a foothold.

Why? Analysts attribute Russia's huge market share growth to its willingness to accept yuan, while Saudi Arabia is still clinging to blood-soaked dollars. As Business Insider notes:

Interestingly, part of Russia's success in China has been attributed to its willingness to accept Chinese yuan denominated currency for its oil.

This is consistent with earlier forecasts about Russia's market share in China. Bloombergreported back in July:

Following Russia’s recent acceptance of the renminbi as payments for oil, we expect more record high oil imports ahead to China,” Gordon Kwan, the Hong Kong-based head of regional oil and gas research at Nomura Holdings Inc., said in an e-mail, referring to the Chinese currency. “If Saudi Arabia wants to recapture its number one ranking, it needs to accept the renminbi for oil payments instead of just the dollar.”

As both the head of the Eurasian Economic Union (and founding member of BRICS), as well as a major energy exporter, Russia is leading the charge against the dollar. And now other nations are following suit: Iran and India announced last month that they intend to settle all outstanding crude oil payments in rupees, as part of a joint strategy to dump the dollar and trade instead in national currencies.

The dollar is slowly losing its privileged place in international transactions. What this means for the United States is anyone's guess.

?

  1. [일본] Fukushima Gets A Lot Uglier

    Date2015.11.04 By볼셰비키 Views62
    Read More
  2. [일본원전] Fukushima Five Years After: Health Researchers Turn Blind Eye to Casualties

    Date2016.04.19 By볼셰비키 Views45
    Read More
  3. [제국주의/IBT] Roots & Fruits of Imperialism

    Date2017.02.05 By볼셰비키 Views109
    Read More
  4. [제국주의/미국] From 1945 Until Today – 20 to 30 Million People Killed by the USA

    Date2019.11.19 By볼셰비키 Views162
    Read More
  5. [제국주의] Monetary Imperialism

    Date2017.11.30 By볼셰비키 Views91
    Read More
  6. [중국/BT] The Myth of Capitalist China: ‘Trotskyist’ impressionists can’t explain resurgent state sector

    Date2020.11.08 By볼셰비키 Views4
    Read More
  7. [중국/러시아] China’s Growing Presence in Russia’s Backyard

    Date2015.04.07 By볼셰비키 Views201
    Read More
  8. [중국/러시아] Goodbye Petrodollar: Russia Accepts Yuan, Is Now China's Biggest Oil Partner

    Date2016.10.27 By볼셰비키 Views36
    Read More
  9. [중국/미국] China’s rise, America’s fall

    Date2017.11.09 By볼셰비키 Views112
    Read More
  10. [중국/미국] The Coming War on China: A pacifist appeal

    Date2017.07.30 By볼셰비키 Views23
    Read More
  11. [중국/베트남] What is socialist about socialist East Asia?

    Date2018.05.13 By볼셰비키 Views137
    Read More
  12. [중국/아프리카] China is building its first overseas military base in Djibouti

    Date2016.05.06 By볼셰비키 Views41
    Read More
  13. [중국] Poor Working Conditions Persist at Apple Supplier Pegatron

    Date2015.10.27 By볼셰비키 Views342
    Read More
  14. [중국] Believe in socialism not sorcery, China tells party members

    Date2017.11.21 By볼셰비키 Views105
    Read More
  15. [중국] China Is Canceling the Debt of the World’s Most Impoverished Nations

    Date2015.10.24 By볼셰비키 Views56
    Read More
Board Pagination Prev 1 ... 27 28 29 30 31 32 33 34 35 36 ... 44 Next
/ 44