[RMB]How far away from China and Saudi Arabia settling oil in yuan?
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Author: Wang Yingliang Unofficially Translated from https://mp.weixin.qq.com/s/glNw71vGJGJc6rhQKpjUIThanks for reading China & SEA Stories! Subscribe for free to receive new posts and support my work. w During President Xi's visit to Saudi Arabia earlier this month, the two countries signed a number of cooperation agreements, including a huge energy deal, which yielded fruitful results, but the much-hyped media agenda of settling oil trade in yuan did not achieve a breakthrough. Previously, China and Middle Eastern countries have mostly used currency swaps to implement cross-border energy transactions. The summit, where China advocated the use of RMB for oil settlement, will have a certain demonstration effect on other countries in the Middle East, signalling that the Chinese government is seeking to enhance the RMB's status in international commodity settlement, which is expected to usher in a new situation for RMB internationalisation. Although there has been no breakthrough in the settlement of oil in RMB, the initiative has important implications.
[RMB]How far away from China and Saudi Arabia settling oil in yuan?
[RMB]How far away from China and Saudi Arabia…
[RMB]How far away from China and Saudi Arabia settling oil in yuan?
Author: Wang Yingliang Unofficially Translated from https://mp.weixin.qq.com/s/glNw71vGJGJc6rhQKpjUIThanks for reading China & SEA Stories! Subscribe for free to receive new posts and support my work. w During President Xi's visit to Saudi Arabia earlier this month, the two countries signed a number of cooperation agreements, including a huge energy deal, which yielded fruitful results, but the much-hyped media agenda of settling oil trade in yuan did not achieve a breakthrough. Previously, China and Middle Eastern countries have mostly used currency swaps to implement cross-border energy transactions. The summit, where China advocated the use of RMB for oil settlement, will have a certain demonstration effect on other countries in the Middle East, signalling that the Chinese government is seeking to enhance the RMB's status in international commodity settlement, which is expected to usher in a new situation for RMB internationalisation. Although there has been no breakthrough in the settlement of oil in RMB, the initiative has important implications.