China oil import paid with yuan. start to arrive in China
China Calls Out U.S. Dollar Dominance As It Buys Russian Coal With Yuan
Editor OilPrice.com
Sun, May 1, 2022, 10:00 AM
The first shipments of Russian coal and crude oil, paid for in yuan, will arrive in China in April and May, respectively. Chinese state media used the opportunity to denigrate the United States, claiming that the international status of the U.S. dollar is “at risk.” However, financial expert Albert Song believes that it will not affect the U.S. dollar’s status as the leading global reserve currency.
Fenwei Energy Information Service Co., China’s leading information and service provider to the coal and coke industries, revealed that several Chinese companies purchased Russian coal in Chinese currency in March, and the first shipment would be made in April. This is also the first shipment of Russian commodities paid in yuan to arrive in China after Russia was sanctioned by Western countries.
Fenwei did not specify on which date the shipment was expected to arrive.
In addition to coal, Chinese buyers also used yuan to purchase Russian crude oil. The first ESPO (Eastern Siberia Pacific Ocean) crude oil will be delivered in May, according to a commentary published in early April on Cngold.org, a Chinese online media outlet about investing.
The Americans are smart.
The CIA basically. The Americans are smart because they are devious. That is the function of the deep state IMHO, at least that is what my tin foil hat says.
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Fact: the Japanese Yen has collapsed.
Fact: the Euro is devaluing.
This means the US dollar is going up.
But here is the wrinkle, of the tin foil hat. Those two, Japan and Germany, their most important trading partner is China. Since their currencies are collapsing, then they should be able to out-compete China somewhat due to currency devaluation.
Now consider what happens when the currency devalues, the stuff that country produces becomes cheaper. All of the sudden, the US dollar, can buy more German goods and Japanese goods for Americans, who are running the printing presses.
This war in Europe, shocked those spineless European and Japanese politicians into caving in for policies that are detrimental to themselves, which in turn weaken their own currencies which means the USD goes up.
Here is where China comes in. The RMB did not budge initially. Then when the Euro and Yen started their devaluation, finally China did the same, just a little bit. They had enough, and will devalue a little so that the Germans and Japanese cannot take away more business with their devaluations due to the war in Europe.
But that means the Americans get to buy more Chinese goods too, because the RMB devalued, and the Americans were also buying more German and Japanese goods.
Sure looks like the Americans manipulated a stronger dollar according to my tin foil hat, in order to buy more goods for themselves and keep a lid on inflation too.
If anyone should complain, the Americans would say just invest in America, the stock market is going up.
Isn't that smart and devious?
Bastards! But smart bastards.
