Chinese currency Yuan has risen fast in last 2-1/2 years against the US Dollar. Soon Yuan will be sought after just like US-Dollar, British Pound, German Mark and the Russian Ruble.
Global oil trade could soon be made using Yuan although China has ‘very little to ‘no oil’ within its geographic territory!’ However, China’s indigenous oil refining capacity exceeds that of US.
China imports most of its oil needs. The cost of crude oil exported into the People’s Republic of China during 2019 totaled US$238.7 billion, expanding by 77.7% since 2015 but declining by -0.2% from 2018 to 2019.
Forty-three countries supplied crude petroleum oil to China in 2019. Roughly half (44.8%) of Chinese imported crude oil originates from nine Middle Eastern nations ranging from $386 million from Egypt up to $40.1 billion from Saudi Arabia.
In its own region, Philippines is an oil exporter to China. China wants oil (including off shore) from Vietnam but Vietnam and China are not in good terms politically from the days of the 2nd world war.
Globally, crude oil is priced in American dollars. Based on the average exchange rate for 2019, the Chinese yuan depreciated by -10.9% against the US dollar since 2015 and declined by -4.4% from 2018 to 2019. The weaker Chinese yuan makes China’s imported crude oil paid for in stronger US dollars in 2019 relatively more expensive when converted starting from Chinese Yuan.
Presently, USD is the most acceptable currency for world trade, including oil trade. When Chinese Yuan becomes the most accepted world currency, China will become the unchallenged super power of planet earth.
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Pic-1, Chief Minister of UP, Yogi Adityanath, flagging of the ‘LIONESS SQUAD’ in Goraknath Temple premises, Gorakpur UP. Picture courtesy, India Today, (Independence Day Special) Reference: www.indiatoday.in (publication date Aug.24 2020) NOTE: Image shown here is a ‘print-copy-image’ of India Today print edition, downloaded from a facebook page set to ‘public’ view. Copyright for this…
An early 19th-century painting of Śrī Rāma, Sītā and Lakṣmaṇa with sage Bhardwāj Devanagari भारद्वाज Personal information Parents Bṛhaspati (father) Tara (mother) Children Drona Garga Ilavida Share with: 5 1 vote Article Rating
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