How? Simply the U.S. can ban "its own currencies". Unlikely but possible.
Renminbi (RMB)/Yuan Appreciation & Internationalization
- Thread starter supercat
- Start date
This makes no sense, since Russia has been taking in RMB for all the oil they sold. What are they been doing with all that RMB?
this should've been obvious that only RMB and AED work for Russia as currencies to use. India is a big enough client where Russia can't force them to use RMB
more trash talking of USD in China
bloomberg article on this
Important part here. All the data we've seen comes from SWIFT and doesn't include the transactions done in CIPS. people keep citing SWIFT data and not bother to look at how much CIPS may have expanded. They just assume its insignificant. And maybe that's the case now, but it is growing quickly. I'd take China's own internal data a lot more seriously that SWIFT data.
Didn't China recently come out how cross border trade in Yuan was bigger than Dollars at like 48% vs 47%.
By year end, wouldn't that mean like ~1.5 yuan and about another 1.5 trillion in dollars, going with 3 trillion in export, which is likely lower than what will be achieved.
And that's not counting imports I suppose.
If we take what Bloomberg says is accurate, ( IMO less then trustful on geopolitical topics) they are saying the Russians were using the Yuan to cover budget deficits.
Egypt also wants to jump on the Mao Zedong moneytrain:
2023-05-04 11:22:58Ecns.cn Editor : Zhang Dongfang
(ECNS) -- Egypt is considering the currencies of its commodity trade partners, including China, India and Russia to lessen the demand for dollars, Saudi-based Al Arabiya TV cited Egypt's Supply Minister Ali Moselhy as saying.
“We are very, very, very strongly considering to try and import from countries and approve (use of) their local currency with the Egyptian currency,” said Moselhy.
“This hasn’t happened yet but it’s a long journey that we’ve already made progress on, whether with China or India or Russia, but to this moment no deal has been made,” he added.
According to Al Arabiya, the dollar's decades-old dominance has been called into question in recent months as global oil traders have sought payments in currencies other than the dollar.
It says the shift has been driven by Western sanctions on Russia and in countries, such as Egypt, that have a shortage of dollars.
Egypt, a major buyer of basic commodities, has suffered a foreign currency crunch, resulting in its pound falling by nearly 50 percent against the dollar and imports have been suppressed, and this has pushed official headline inflation to 32.7 percent in March, shy of an all-time record.
Since 2023, some major economies, both in developed countries and emerging markets, have been striving to ditch the U.S. dollar by innovating cross-border payment and settlement mechanisms, signing bilateral currency agreements, and promoting the diversification of currencies.
Argentina would start paying for Chinese imports in yuan rather than U.S. dollars, the government announced on April 26, and on April 1, India and Malaysia agreed to use Indian Rupee for trade.
“The dollar is facing a challenge to its status on multiple fronts,” said U.S. media outlet Business Insider, citing an analysis by Deutsche Bank.
The rejection of the dollar in global economic relations is an irreversible process explained in particular by its use as an instrument of pressure for other countries, observer and geopolitical expert Renaud Girard said in his op-ed in Le Figaro.
"The U.S. often turns a blind eye to the United Nations charter and imposes unilateral embargoes and threatens other nations to follow suit. This ironfisted approach has made the U.S. the top sanctions-imposing nation in the world," Turkish media outlet TRT World said in a report released at the beginning of April.
Egypt considers Chinese yuan for commodity trade
2023-05-04 11:22:58Ecns.cn Editor : Zhang Dongfang
(ECNS) -- Egypt is considering the currencies of its commodity trade partners, including China, India and Russia to lessen the demand for dollars, Saudi-based Al Arabiya TV cited Egypt's Supply Minister Ali Moselhy as saying.
“We are very, very, very strongly considering to try and import from countries and approve (use of) their local currency with the Egyptian currency,” said Moselhy.
“This hasn’t happened yet but it’s a long journey that we’ve already made progress on, whether with China or India or Russia, but to this moment no deal has been made,” he added.
According to Al Arabiya, the dollar's decades-old dominance has been called into question in recent months as global oil traders have sought payments in currencies other than the dollar.
It says the shift has been driven by Western sanctions on Russia and in countries, such as Egypt, that have a shortage of dollars.
Egypt, a major buyer of basic commodities, has suffered a foreign currency crunch, resulting in its pound falling by nearly 50 percent against the dollar and imports have been suppressed, and this has pushed official headline inflation to 32.7 percent in March, shy of an all-time record.
Since 2023, some major economies, both in developed countries and emerging markets, have been striving to ditch the U.S. dollar by innovating cross-border payment and settlement mechanisms, signing bilateral currency agreements, and promoting the diversification of currencies.
Argentina would start paying for Chinese imports in yuan rather than U.S. dollars, the government announced on April 26, and on April 1, India and Malaysia agreed to use Indian Rupee for trade.
“The dollar is facing a challenge to its status on multiple fronts,” said U.S. media outlet Business Insider, citing an analysis by Deutsche Bank.
The rejection of the dollar in global economic relations is an irreversible process explained in particular by its use as an instrument of pressure for other countries, observer and geopolitical expert Renaud Girard said in his op-ed in Le Figaro.
"The U.S. often turns a blind eye to the United Nations charter and imposes unilateral embargoes and threatens other nations to follow suit. This ironfisted approach has made the U.S. the top sanctions-imposing nation in the world," Turkish media outlet TRT World said in a report released at the beginning of April.
That moment they froze and confiscated Russian foreign exchange reserves will go down as a major turning point in history. Monumental strategic mistake. Why should countries work hard everyday to sell things and accumulate dollars when with a stroke of a pen it’s all gone.
All the massive inflation in the US right now is because the trillions of printed dollars during the pandemic are not being absorbed by the world like it was in the past. This has caused the Fed to aggressively raise interest rates to absorb the dollars in circulation. The high interest rates is now leading to a banking crisis and eventually to a debt crisis.
Many important moments in history has had something to do with Russia.
All the massive inflation in the US right now is because the trillions of printed dollars during the pandemic are not being absorbed by the world like it was in the past. This has caused the Fed to aggressively raise interest rates to absorb the dollars in circulation. The high interest rates is now leading to a banking crisis and eventually to a debt crisis.
Many important moments in history has had something to do with Russia.
Good one bro and many members here believed Russia is a Junior partner which is not, For me its the reverse, they're the one doing the heavy lifting absorbing the blow that weaken the Collective West and bringing China precious time to prepare.
And there is an analogous, The Russian grittiness makes the difference in forcing the defeat of Nazis Germany in WW2.
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