Posted on 03/15/2022 7:42:42 AM PDT by mikelets456
The Wall Street Journal reports active talks between Riyadh and Beijing about pricing some Saudi oil sales to China in yuan instead of dollars.
Chatter about this sort of arrangement has been ongoing for several years, but recent events have brought a new urgency to talks, according to the report, which says the Saudis are questioning longstanding U.S. security commitments to the Kingdom.
Among the issues is what the Saudis believe to be less-than-enthusiastic support for the war in Yemen, the White House's attempt at an Iran nuclear deal, and shock at the American withdrawal from Afghanistan. China is a buyer of more than 25% of Saudi Arabia's exported oil, according to the story.
The news would seemingly be of interest to the Bitcoin (BTC) and gold markets, but, for now, there's little reaction, with bitcoin continuing in the mid-$38,000 area, and gold remaining lower by 2.1% for the day at $1,918 per ounce.
(Excerpt) Read more at msn.com ...
It’s not Biden who is doing this. The one who is behind all these fiascos is the guy who wants to go down in history as the greatest, the smartest, the most polished, first black president. Biden is just his stooge.
unless it’s physical yuan instead of dollars, it’d still be the same price but wi carrying costs?
- China has two currencies, which most people do not know; they are not convertible EXCEPT with CCP consent through their official central bank, and their internal one is thus "protected" however they want and prevents, very effectively, enforcement of ANYTHING in monetary terms against any Chinese firm or other entity.
That is why they'll never replace even the Euro; notice that Russia's deal with China to sell oil and gas settles in Euros. That would make no sense; everyone would want it to settle in Yuan, except..... it can't for that reason.
Let China defend the Saudis
Yes inflation would explode for Americans when it comes to Americans trying to pay for foreign goods but those selling the foreign goods would be in a bind because America as a market for those foreign goods would be destroyed for them. Those countries would suffer recession as the world’s former largest importer market stopped buying their expensive goods.
More PROFF that Benedict Biden is SELLING OUT to CHINA!
Putin canceled Russian from the financial system, most of the world seems to agree with that view, except our traditional enemies like North Korea, and a few others. I doubt there are many in the way of additional countries that are afraid of being a next cancel. Putin created the unsafety, and the Russian people will be long in recovering from his miscalculation.
That’s your take and not necessarily supported by others.
Saudi Arabia for example extended Brandon a middle finger to a request to increase oil production, said it is going to trade oil in Yuans, and planning to finance a refinery in China to use Russian oil, originally intended for the US.
Asians are actively divesting from British assets as we speak.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.