Posted on 03/30/2023 4:12:56 AM PDT by RomanSoldier19
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.
China has been looking for years to establish more trade deals in yuan to increase the relevance of its currency on the global markets and challenge the U.S. dollar’s dominance in international trade, including in energy trade.
(Excerpt) Read more at oilprice.com ...
China also closed a deal with Brazil to trade in local currencies. The shuts the dollar out of their interactions. This is a big deal.
) are starting to look as if they have a real future in the toilet paper industry.
If y’all want to trust the Chinese government, go for it.
I think a few millions tons of cow shciff from India is worth more.
As the dollar loses reserve status, you can expect sharp jumps in interest rates. Maybe as much as double from where theybate now. Your $700 billion in yearly interest might look like $1.5 trillion every year.
US dollar still rules the World
and the Euro is a strong second
the yuan is way in the back somewhere, yelling “look at me”
Probably not because of this blow to the petrodollar, because its price is not just going up in dollars.
Yes, as history proves, nations and economies are static and nothing ever changes in their relative status to one another. Rule Britannia! Pax Romana!
The problem when they don’t use dollars is that we cannot tell if they’re following the rules that we set regarding who they’re allowed to trade with.
As the world de-dollarizes inflation will go up, up, up.
The problem will be trying to spend yuan. The Chinese won’t want it back as they print plenty of their own.
Sometimes I have to look as a FReeper’s join date to realize they are not keeping up with the times and have forgotten their history of how nations can fall.
I am tired of hearing from FReepers...’it will never happen’ even when the world is changed in front of their eyes.
PS> the new payment system starts rolling out next week here in the US for full implementation by July.
It also means we can't export our inflation to them every time the Fed decides to go on another printing spree.
The problem with spending yuan is an hour later you want to spend more.
always amazed to see how many Freepers are cheering for America’s downfall
The cheering is for the band wagon they are riding. They lack the intellect to see beyond the established doctrine they parrot
“It also means we can’t export our inflation to them every time the Fed decides to go on another printing spree.”
There’s enough money in private pensions and 401k’s to cover most of our debt. Once we start paying interest rates on our debt that actually matches the risk, I expect the response to be that those accounts get nationalized, with some much lower value annuity being paid out to the former owners.
To everyone who thinks that the Chinese Yuan is going to take over for the USD.
1. Nobody really wants it, including the Chinese
2. They inflate the money at over 12% every year in inflationary printing (making us look pretty good at the crazy the USD is doing it)
3. Once you get it, they won’t take it back or change it for anything of value like gold
4. Regret will happen when your people find out
5. They don’t report the real numbers so this horrific data is only a lie and part of the story
https://tradingeconomics.com/china/money-supply-m2
Broad M2 money supply in China rose 12.9 percent from a year earlier to CNY 275.52 trillion in February 2023, above the 12.6 percent growth seen in January and markets’ forecast of 12.5 percent. It was the fastest pace of increase in M2 money supply since March 2016, following China’s reopening and Beijing’s efforts to boost growth. source: People’s Bank of China
Hate to be the guy telling you that MATH is what will crush CHINA, but this kind of fake is going to explode as their population declines (one child policy) and nobody trusts them and their numbers.
And so begins the diminution of the U.S. dollar and with it, the United States.
Thanks to the perfidy of our ‘leaders’ in Washington, the District of Corruption.
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