Skip to comments.China buying oil from Iran using the Yuan, reveals Tehran ambassador in UAE
Posted on 05/12/2012 12:08:42 AM PDT by Olog-hai
Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran's ambassador to the United Arab Emirates, confirmed.
China is the biggest buyer of Iranian crude oil exports. The country buys some $20-30 billion of oil from Iran each year, but the US has been pressuring Beijing to join an international boycott of Iran over Tehran's nuclear program.
The Iranian ambassador's comments, reported by the Reuters news agency, confirmed a report in the Financial Times that claimed that Unipec (a subsidiary of the Chinese state-owned oil firm Sinopec) was buying the oil, as was another company called Zhuhai Zhenrong.
Meanwhile, China has been trying to promote usage of Yuan as an international currency as a rival to the dollar, including the establishment of a new offshore trading center in London alongside the existing center in Hong Kong.
According to the FT report, China has been providing the currency to Iran via Russian banks rather than its own domestic banks.
(Excerpt) Read more at en.mercopress.com ...
India’s also buying oil from Iran without dollars, IIRC.
Our reserve currency status is slipping away. Not good. Not good at all.
Let’s trade with them. We’ve got a surplus of Juans we can exchange for some Yuan.
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