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 ...
Similar stories are playing out in other fiats, so this is probably not to do with incipient loss of reserve status. It's just fiat creation by governments.
VERY BIG...
The end of the petro dollar is near. It will create more turmoil in the dollar than going off the gold standard in 1973.
Not at all. Just stating the obvious to help people become aware of what is going on. You think the 2008 financial crash was bad? When the Everything Bubble pops it will make 2008 look like a picnic.
We’ve allowed our politicians to do this to us and Americans are going to pay dearly.
Not sure I am seeing that...at least in this thread.
Pointing out where we are making mistakes is not cheering for a downfall.
Ah, that’s swell. Guess we can recall those fleet assets from the Straits of Hormuz, the Malacca Straits, etc.
Our protection, our currency.
Your currency, your protection.
The current China currency plans will be deterred by the current economic failure in process.
Having no functioning banking system in China, There can be no functioning China currency abroad
There are more dollars abroad in foreign central banks than there are here at home. Foreign banks need dollars so they can pay for oil (petrodollars) thanks to the Saudi, who made the petrodollar real in a deal with Henry Kissinger in 1973.
If nations no longer need dollars to buy oil, they will dump them in favor of currencies preferred by sellers. This will flood the international money market with dollars nobody wants, and which the US cant afford to absorb, leading to the eventual collapse of the currency. This is what BRICS and SCO are all about. The yuan deal is just the opening shot across the bow.
And to protect us from such an outcome we have einsteins like Joe Biden and Janet Yellen, who can’t find her house keys without help.
When Michael Burry or Charlie Munger states negative news about the American economy does that mean they are cheering for America’s downfall?
Both of them are now saying inflation is going to go back up.
https://www.youtube.com/watch?v=f5j525KpdGc&ab_channel=NewMoney
Are you the kind of person who always attacks anyone who says anything you disagree with or are you the kind of person who likes to ask questions?
You want to see what a crack head would do in charge of our country, look no further. We have one in the White House.
Our country is done. Buy Gold and silver or convert your dollar to foreign currency.
“I’m criticizing those that unnecessarily spread falsehoods and fear
like saying the US dollar is finished, or inflation will keep going up endlessly ... you seem to like making irresponsible comments ...
As the world de-dollarizes inflation will go up, up, up
US dollar is still trusted more than the Yuan”
Question: When have we not had inflation? The Central Banks program it in and work to limit it to their target with poor results.
The days of the dollar being used as the world’s reserve currency are waning and the proof is all around. Once the petrodollar’s supremacy fades, and it’s starting, all those dollars abroad will will go where, and to what effect?
“I’m criticizing those that unnecessarily spread falsehoods and fear like saying the US dollar is finished, or inflation will keep going up endlessly ... you seem to like making irresponsible comments ...
As the world de-dollarizes inflation will go up, up, up
US dollar is still trusted more than the Yuan”
Ok Mr. Biden... It’s transitory...OK... Yea... If you say so...
totally agree with your post. The Petro Dollar replaced the Gold backed Dollar.
And look what happened to our currency and economy when Carter failed to follow through on Nixon’s agreement by allowing the Sha of Iran to be deposed. The result was a mess that got Reagan elected.
The perpetuation of the so called yuan deal is already doomed.
The China banking system is if not already failed in the death throes. Xi is taking China back to true communist Maoist ways and there is going to be complete chaos in China for years to come.
If you live in China, get the hell out ASAP
I’m not spreading falsehoods. De-dollarization started a few years ago and is gaining more steam with each passing day including what you see with this news article. Are you saying that this news is fake news?
Why are more and more countries seeing the US as a liability than an asset and acting upon that by using other currencies for international trade?
What is one big effect of de-dollarization? More dollars come back to the US which drives up inflation.
ALL fiat currencies have a 100% track record of failing and dying. The US dollar may be the best currency out there, but all of them are dying. When the US dies, currently projected to be around 2032, the world will move on by adapting and adjusting.
The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the central bank's clearest timeline yet for a new system enabling settlement of U.S. payments in seconds.
The FedNow service also potentially negates the need for the creation of a central bank digital currency, or CBDC.
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