Tag: Yuan

Russia ready to switch to yuan in foreign trade – Putin

Via RT

Settlements between Moscow and Beijing are already carried out mostly in national currencies, the Russian president says © China Photos/Getty Images

Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said on Tuesday during talks with his Chinese counterpart Xi Jinping, who is in Moscow on a three-day official visit.

“We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries,” Putin said.

Continue reading “Russia ready to switch to yuan in foreign trade – Putin”

China’s Digital E-yuan Seeks to Undermine U.S. Dollar Dominance

From Birch Gold Group

China's Digital E-yuan Seeks to Undermine U.S. Dollar Dominance

It’s been a little while since we examined China’s aim to weaken the dollar through forming its own state-controlled digital currency (also called cryptocurrency).

But now it appears that China is moving forward with its own central bank digital currency (CBDC), per the Wall Street Journal. That move could have global implications:

A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.

Continue reading “China’s Digital E-yuan Seeks to Undermine U.S. Dollar Dominance”

De-Dollarization Accelerates: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold

This means war.

Authored by Tsvetana Paraskova via OilPrice.com,

The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports.

Continue reading “De-Dollarization Accelerates: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold”