Petro-yuan helps Russia & China dump US dollar in oil trade
 

Petro-yuan helps Russia & China dump US dollar in oil trade

China is the world's biggest crude consumer and buys most of its oil from Russia. However, most settlements are still in US dollars. The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead.

China and Russia are actively reducing dependence on the dollar in bilateral trade. In October 2017, Beijing launched a payment system for transactions in yuan and Russian rubles. This means that settlements for Russian oil deliveries to China, which have reached 60 million tons per year, can be done without using the dollar.

After Monday's launch of the yuan-backed oil futures in Shanghai, there have been negotiation between Russia and China on mutual promotion of oil futures in national currencies, RIA Novosti reported. In 2016, the St. Petersburg exchange in Russia launched Urals oil futures in the Russian ruble, and support from China could prop up Russian crude futures.

China's new oil benchmark had a hugely successful debut. On the first day of trading in Shanghai, 62,500 contracts with more than 62 million barrels of crude traded for a notional value of nearly 27 billion yuan ($4 billion), Zerohedge reported. Glencore, Trafigura, Freepoint Commodities and other huge oil-trading corporations took part.
https://www.rt.com/business/422472-r...na-petro-yuan/

China Is About to Shake Up the Oil Futures Market
https://www.bloomberg.com/news/artic...u-need-to-know

:1orglaugh


All going into China will be the biggest economy in the World, Russia first economy in Europe.

Dude you are dreaming again.. Yes China will be the biggest economy in the world, it's a given as they have the biggest population so they are going to have the biggest economy.

Russia however will not have the biggest euro economy. Fucking Cali has a bigger economy that the entire cou try of Russia. Russia's entire economy depends on oil sales and the price of oil goes down as fast as it goes up..

Russia has failed to diversify and that will cost you guys big.

Damn you beat me to it!!!! :1orglaugh:1orglaugh:1orglaugh

Sarn is the perfect example of a dumbed down Russian population. There are many many brilliant innovative strong creative Russians, Sarn is not one of them :1orglaugh:1orglaugh

And it dumps the Russian ruble too :winkwink:

2Bladewire: you are an idiot, do you know it? :) Any information about Russian GDP is a fake, because the people here receive salaries in an envelope (literally) and a tax evasion is a Russian national sport. The money flow passes by any official statistics. Just as an example, when when you pay for a home/apartments here, you pay it in cash. Just imagine a suitcase with $200.000 USD (and that is a kind of a regular price in Moscow) from hand to hand. Does it affect the Russian GDP? A hint for you: NO.

the USD will reach multi decade lows...the oracle has spoken!

Thanks Trump.

Comrades, patriots :1orglaugh I have proof :1orglaugh:2 cents:

https://www.cia.gov/library/publicat...01rank.html#rs

1 CHINA $23,120,000,000,000 2017 EST.
2 EUROPEAN UNION $19,970,000,000,000 2017 EST.
3 UNITED STATES $19,360,000,000,000 2017 EST.
4 INDIA $9,447,000,000,000 2017 EST.
5 JAPAN $5,405,000,000,000 2017 EST.
6 GERMANY $4,150,000,000,000 2017 EST.
7 RUSSIA $4,000,000,000,000 2017 EST.
8 INDONESIA $3,243,000,000,000 2017 EST.
9 BRAZIL $3,219,000,000,000 2017 EST.

Today is the Germoni biggest economy in Europe.