Miscellaneous News

Bank of China to start operations in Riyadh this year, says official​

Updated 13 June 2023
Arab News

June 13, 2023 18:16
260





RIYADH: In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq.
It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.
Jun told Asharq that the bank aims to introduce Chinese currency to the world and hoped yuan would be used in commercial financial transactions between China and Saudi Arabia as well as the entire Arab region.
The development comes on the heels of the 10th Arab-China Business Conference that concluded in Riyadh on Monday. The event aimed at boosting economic cooperation between the Arab world and China.
The bank official said as many Chinese companies are entering the regional markets, using the yuan in their financial dealings with regional partners will further encourage them to invest in the region.

TK3600 said:

If you only noticed it now I don't know what to tell you. I struggle to come up with a luxury item that is other way around.

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Well... in a market economy, all commerical products and services, not just luxury ones; are priced based on two main factors only, what is the max price consumers accept, what is the max profit the company can extract within a given period of time.

The final price is a function of the above two factors.

The actual R&D, production, and distribution costs are only minor factors. A company may charge more for a lower sale volume and vice versa.

Obviously, some times a company would sell at a loss to gain market share, but the long term goal is to maximise profits.

BoraTas said:

The stories of China's relations with countries like South Korea and Australia are tragedies.

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Tragedies for whom?

"That American dog Yoon is getting too uppity these days."

coolgod said:

Hu Xijin in response wrote a few scathing commentaries of Korea under Yoon recently. Turns out the Chinese netizens are also displeased at Yoon wrote their own responses.

Spoiler: NSFW

View attachment 114443

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KYli said:

Every products from China are forced labor. And what is a Israeli company has anything to do with this.

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Tel Aviv-based Ultra Information Solutions

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Should America turn it's bluff into real action, it's time to ban products from and investment into every US state that uses prison labor, and every product from any square inch of Israel that occupies Palestinian territory or argues for the continued occupation of Palestine.

Ha

Petrolicious88 said:

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Ha

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Oh if only patchwork were still here. I would pay money to read his LTG-esque description of the types who believed this

Eventine said:

I've said it before, some of the US's East Asian allies would gladly sacrifice themselves for US interests. Such is the insanity of their nationalism. There should be no illusions of rational behavior; they're either at your feet or at your throat.

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Nationalism? There's no nationalism in South Korea, Japan or Philippines, you are giving them way too much credit. There's only Sepoyism in those countries, fanatical devotion and pride for a distant foreign master after their own country proved to be too weak or too much of a failure to feel any pride for.

bettydice said:

No, that's not the problem of hard power theorists. South Koreans worship hard power, they worship the U.S. because the U.S. is No. 1 hard power. South Korea is an error by birth and only needs to be removed with hard power.

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The fact is China can destroy South Korea without nuclear weapon even if backed by US. South Korea can resist US hard power if siding with China. Within China's neighborhood China has greater hard power both militarily and economically. In fact China pushed US back in 60's already proved 60's China hard power. Difference is back then China needed some Soviet economic support. Nowadays Russia needs Chinese economic support.

Economically it is indisputable China is the largest trade partner, and if South Korea side with China economically there is nothing US could do. Threaten to cut off EUV supply to South Korea? Oh well I will make my money back by selling my service to Huawei.

Chevalier said:

The land and people who gave humanity such innovations as wooden shoes and atrocities in Indonesia have determined that they don't need Chinese science and research, for it is not pure Aryan Science.

https://twitter.com/i/web/status/1668136074558709760

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Since Chinese students/researchers will not be allowed to study the technologies of DUV and EUV lithography, what's the point of studying in the Netherlands to begin with, considering that China has so many 1st rate academic/research institutions nowadays?

Dark Father said:

China millionaire exodus to continue this year: report​

Non paywall:

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Who cares. China has the technologies and the goods, while the Middle East has the money. So China doesn't have to worry about capital flight and foreign investments.

China, the world’s second-largest economy, is set to receive $1 trillion to $2 trillion in investments from top sovereign funds in the Middle East by 2030 as they look to pivot to Asia amid a rapid rise in their investment capital, the chief executive of Hong Kong Stock Exchange (HKEX) has said.

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The US is desperate for its lack of support in Asia.

LMAO

Latest F-35s Will Go Directly Into Storage Until Upgrade Woes Ironed Out​

The Pentagon plans to stop deliveries of its latest F-35s until developmental glitches with its Technology Refresh 3 hardware are ironed out.

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Geopolitical NTR

Where's that dog-dog-Uncle Sam pic?