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Rise in Yuan (Chinese Currency) against US Dollar heralds China as global leader

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.

Why China’s currency is strengthening and what it means for the rest of the world?

Read more@

https://www.cnbctv18.com/economy/why-chinas-currency-is-strengthening-and-what-it-means-for-the-rest-of-the-world-8000521.htm?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Yuan

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Suresh Rao

Mellowed out and enlightened septuagenarian. Tech savvy. Social writing is just a pastime to kill time. I keep contributing to several developmental projects in the area of engineering education, IT and Healthcare projects launched by my kith and kin. I am too lazy to write a book, 'cause I think my life itself is a book! I am also at www.facebook.com/sureshnrao
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Navneet Bakshi
1 year ago

And I don’t know why, she will always remain anti-India. I don’t know why China and India can work in tandem to thwart the world order? I don’t know why China takes more interest in Pakistan despite, the world having an opinion contrary to it? Agreed that it places a high value on the scope of investment in Pakistan but I think that is a fallacy. There’s a great risk in investing in Pakistan because of the wrong ideological pursuits by its government and being a rouge country but as they say in Hindi “Chor Chor muasere bhai” the saying fits aptly to describe their friendship.

Navneet Bakshi
1 year ago
Reply to  Suresh Rao

It may not be immediate but it will definitely come and jealousy against India is the major reason for the two coming together.

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