Posted on 09/06/2023 10:31:31 AM PDT by RomanSoldier19
Bank of China (BOC), one of China's four biggest state-owned commercial banks, opened its first branch in Riyadh, capital of Saudi Arabia, which will further expand the use of the yuan in finance and trade.
Experts noted that since the BRICS Summit, members of the bloc have been accelerating the use of local currency settlements in cross-border trade to reduce reliance on the US dollar. The Chinese currency is playing an increasingly important role in facilitating trade and improving efficiency among the BRICS countries, they said.
According to an announcement published by the BOC on Wednesday, the bank opened the Riyadh branch on Tuesday, with BOC President Liu Jin, Chinese Ambassador to Saudi Arabia Chen Weiqing, Governor of the Saudi Central Bank Ayman Al-Sayari and other officials attending the opening ceremony.
(Excerpt) Read more at globaltimes.cn ...
The significance lies in the probability than Saudi will begin to accept payment for oil in yuan, at least from China itself, signaling the beginning of the end of the petrodollar. And the start of some new headaches for the US.
And he’s proud of it.
Most certainly!
If the US gives these BRICS idiots Aid it should stop right now
The US should mimic the spirit of BRICS...
Let the cabal dollar, which is debt from the gitgo, fall. And, let a new PM-based currency rise from the dollar’s ashes.
I’m not sure why anyone expects these countries, all of which debase their national currencies faster than we see the USD debased, are going to reject that taxation avenue and all their capital controls and embrace a PM backed currency?
Nobody in power would benefit from the move, so I don’t understand why people expect it to happen.
Once again, what many smart boys told us would never happen, is happening.
“Nobody in power would benefit from the move, so I don’t understand why people expect it to happen.”
Because we already THREATENED the Saudis, so they’re done with us.
Perhaps we can bribe the leader of Botswana, maybe, but that is about all of the clout we have left - after embarking in our Ukraine obsession.
If they agree to sell oil for Chinese fiat, which depreciates faster than USD and is subject to massive capital controls that severely limit its utility in global finance, what is their benefit?
The dollar was on one side of 88% of all foreign exchange trades in April last year, according to the Bank for International Settlements. The Fed estimates that between 1999 and 2019 the dollar accounted for 96% of trade invoicing in the Americas, 74% in the Asia-Pacific region, and 79% in the rest of the world.
Why accept Chinese Chuckie Cheese tickets for your valuable oil when the rest of the world trades in USD?
I get pining for this if you hate the US and it costs you nothing, but it will have an expensive price. Percentage points of depreciation are billions of dollars the Saudis stand to lose by accepting fiats worse than the USD.
“I get pining for this if you hate the US”
Correct, I cannot STAND my country given who’s running it (whoever they hell they are). They are literally WRECKING EVERYTHING that was left to them.
As to the Saudis, since we threatened them, they are THROUGH with us. If you think they’re being dumb, fine, but what good does that do us?
'THROUGH with us' in what sense? What does that mean?
Arms Sales Notification
A Notice by the Defense Department on 04/03/2023
https://www.federalregister.gov/documents/2023/04/03/2023-06842/arms-sales-notification
If you think they’re being dumb, fine, but what good does that do us?
I didn't write that it does us any good, I just observe that it harms them. Why do you expect them to do it when it harms them?
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