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Thread: Exclusive: China taking first steps to pay for oil in yuan this year

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    Exclusive: China taking first steps to pay for oil in yuan this year

    Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters

    China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing’s efforts to establish its currency internationally.
    Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

    We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

    Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

    I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

    We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by Northern Light View Post
    Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



    Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

    We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

    Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

    I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

    We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.
    Didn't Saddam Hussein start accepting euro's for oil not long before Bush 2.0 invaded Iraq?
    Be interesting to see what Trump is told to do about this.
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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    The Saudis are pumping so much oil and nobody is using oil because of self distancing, that oil is less than $20 a barrel.

    I don't think it matters if the Chinese pay for oil in their currency or not.

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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by Northern Light View Post
    Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



    Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

    We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

    Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

    I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

    We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.
    Oil producing nations have to accept the yuan as payment. They may not. China may want to pay in yuan, it doesn't mean that it will be accepted. Same with the US dollar really. The reason the US dollar is used is because almost all futures contracts are priced in US dollars. Thats why its difficult for other currencies to be used because they are being converted three times and that means they are subject to the vagaries of the forex markets.
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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by swing_voter View Post
    The Saudis are pumping so much oil and nobody is using oil because of self distancing, that oil is less than $20 a barrel.

    I don't think it matters if the Chinese pay for oil in their currency or not.
    No, that's not what's happening. They increased oil supply to lower international price, causing havoc in the U.S. domestic oil markets. It's a price fixing scheme meant to destroy the U.S. share of the oil economy. As long as crude remains below a certain price, domestic markets will go bankrupt and there will be mass layoffs, which is what we are starting to see.

    Funny how this happened at the same time as the virus going global.

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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by Northern Light View Post
    Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



    Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

    We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

    Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

    I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

    We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.
    Trump has been working to remove the US from dependence on China since the day he took Office. However, if China "cuts us off of our cheap goods", our economy is NOT doomed. We will simply buy those products...or world manufacturers will move their factories...from other countries or we'll produce them right here in the US.

    China is well aware that THEY depend upon the US more than the US depends upon them. We have options...they don't. They need the US consumers to buy stuff from them. Heck, that's why they have gone to such lengths to keep the US buying their products in the face of high tariffs. They subsidized their manufacturers, their manufacturers have eaten the cost of the tariffs and China devalued their currency. All this was designed to keep the US consumer buying their stuff.

    So no...they are NOT "winning".
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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    The yuan is fake money. It's the only major world currency that isn't freely convertible and can only be officially traded in China and Hong Kong. Beijing also sets the official exchange rate. They get to decide how much your money is worth and if they decide to devalue your holdings, well tough noogies.

    If I were an oil producer, I'd insist on greenbacks and pass on the Xi-bucks.
    "You are free and that is why you are lost." - Franz Kafka

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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by eman623 View Post
    The yuan is fake money. It's the only major world currency that isn't freely convertible and can only be officially traded in China and Hong Kong. Beijing also sets the official exchange rate. They get to decide how much your money is worth and if they decide to devalue your holdings, well tough noogies.

    If I were an oil producer, I'd insist on greenbacks and pass on the Xi-bucks.
    All good points, under normal circumstances. My suspicion is that the collusion around devaluation of the USD through the virus and excess oil supply is meant to help the PRC justify using the yuan as oil currency. Now they can say, "Look at how wrecked the USA is, we're not paying in USD which could suffer devaluation or hyperinflation at any time." Plus, OPEC is part of this devaluation process, so they may say yes just to maintain the pretense.

    China isn't an isolated force anymore. They are providing major economic infrastructure to a lot of nations, including some corrupt ones that the west would normally ignore. A lot of that infrastructure includes energy economy. If they want to offer OPEC their patronage in order to fuel all their foreign capital, then OPEC may bite, and if they do then the yuan could gain a foothold.

    This whole virus business just reeks of collusion.

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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by Mycroft View Post
    Trump has been working to remove the US from dependence on China since the day he took Office. However, if China "cuts us off of our cheap goods", our economy is NOT doomed. We will simply buy those products...or world manufacturers will move their factories...from other countries or we'll produce them right here in the US.

    China is well aware that THEY depend upon the US more than the US depends upon them. We have options...they don't. They need the US consumers to buy stuff from them. Heck, that's why they have gone to such lengths to keep the US buying their products in the face of high tariffs. They subsidized their manufacturers, their manufacturers have eaten the cost of the tariffs and China devalued their currency. All this was designed to keep the US consumer buying their stuff.

    So no...they are NOT "winning".
    All Trump has done is instigate a trade war and increase domestic prices by slapping tariffs on Chinese goods. He hasn't mitigated anything. If he wanted to mitigate the problem, he would begin the long and arduous process of resurrecting some domestic manufacturing, or better yet, support the burgeoning industries that could make the United States a leader in the coming decades. Instead, he did what every recent President has done, and give subsidies to the oil industry. Now those subsidies aren't even worth toilet paper because the domestic oil sector is about to go under.

    This is what happens when Presidents fail to support economic policy that includes diversification. Trump put all our eggs into one basket, with the intention of "defeating" China through a trade war. Meanwhile, China holds all our cheap goods and factories. The USA is essentially biting the hand that feeds it, and now we are in a position to lose big time. If Trump was smart (and he isn't), he would've put major bucks into infrastructure and diversification that was already in place under Obama and to some extent George W. Instead, he cut funding to all those upcoming industries and sunk many of them.

    We need a different President, badly. This one is utterly incompetent and incapable of dealing with the crises of today's world. The next POTUS will have their work cut out for them.

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    Re: Exclusive: China taking first steps to pay for oil in yuan this year

    Quote Originally Posted by Northern Light View Post
    Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



    Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

    We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

    Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

    I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

    We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.
    I heard Tucker say recently that the American Elite gave away so many of our treasures, for self enrichment.....they got paid and that was all that they cared about...sounds about right

    Sounds like a third world nation to me.

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    We are so screwed....ANNOUNCEMENT: Screwing Around Time is Officially Over.....It has to be.

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