16-03-2022, 10:32 PM
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Yuan jumps after report Saudis consider its use in oil deals
16-03-2022, 11:09 PM
Traders grappling for straws. 
Why "jump" if Saudi going to accept RMB for their oil?
Unless Saudi is going to keep RMB as a reserve currency.
Why "jump" if Saudi going to accept RMB for their oil?
Unless Saudi is going to keep RMB as a reserve currency.
16-03-2022, 11:34 PM
(16-03-2022, 11:09 PM)SGSeniorCitizen1952 Wrote: Traders grappling for straws.
Why "jump" if Saudi going to accept RMB for their oil?
Unless Saudi is going to keep RMB as a reserve currency.
Not only Saudi, UAE and other Middle East nations also consider using RMB instead of USD as trading currency. The trading is ongoing, after trading where are they going to keep RMB? The U.S. will get angry.
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16-03-2022, 11:48 PM
The problem is USA has become oil exporter. Compete with ME oil producers.
ME used USD because USA was a major importer in the early days. Now....
ME used USD because USA was a major importer in the early days. Now....
17-03-2022, 12:18 AM
It means US$ in trouble to maintain it's USD supremacy as more and more countries stop use of USD including Russia etc.
Saudi, UAE, OPEC countries are also more daring. Not only refused to pick up calls from Biden and even went further to sign contract to sell oil in RMB.
Just see, USD will be in trouble.
.
Saudi, UAE, OPEC countries are also more daring. Not only refused to pick up calls from Biden and even went further to sign contract to sell oil in RMB.
Just see, USD will be in trouble.
.
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