Faced with trade protection measures with the US, "China" has shifted its strategy to become more self-reliant on the economy. One of สล็อตxothem is to drive the role of the global “yuan” currency through ties with countries that see the risk of being overly dependent on the US dollar. Especially in the oil trader countries that see The yuan is one option to get out of this risk.
The South China Morning Post reported that after China launched its first RMB oil futures contract, or "petro-yuan" in 2018, to push the yuan to gain international recognition. It aims to promote the yuan as an international currency against the US "petro-dollar".
China has adopted strategies to promote ties with Middle Eastern oil traders, especially Saudi Arabia, which has a reciprocal benefit. As China is currently the largest oil importer from Saudi Arabia. This gives China the power to set the price of crude oil even more.
Patrick Ing, a partner at investment firm Sparkill & Co., said China could quantify oil demand allocation with Saudi Arabia in exchange for Saudi Arabia. Holds relatively good-yielding Chinese government bonds This system has resulted in increased demand for the yuan in the world oil market.
At the same time, China has also pushed forward the role of the yuan in other areas, such as reaching an agreement with "Russia" to use the local currency in international trade in 2019, resulting in a share of the US dollar exchange in exports. Goods from Russia to China fell to just 39% from 75% in 2018.
The US trade protection measures against China. And many more countries As a result, governments and entrepreneurs in many countries in the Middle East have seen the risk of relying on the US dollar system.
This is coupled with China's diplomatic relations in providing assistance to oil trading nations, such as providing a total of 38 million doses of the COVID vaccine to 17 countries in the Middle East. Including the reach of a 25-year strategic alliance between China and Iran at the end of the month. Mar. ago China plans to invest enormously in Iran. Although the value was not disclosed But experts estimate that it is around 400,000-600,000 Million US dollars
Guo Xiangzhang, director of the Shanghai Economic Research Organization Economist Corporate Network, said the stance of Saudi Aramco oil company, Saudi Arabia, said. China's energy security will be the most important over the next 50 years, indicating that the yuan is more likely to be used for trading crude oil with China in the future.
Western Union Business Solutions analyst Steven Dooley pointed out that Petro Yuan is now used as a bilateral agreement between China and the oil trader. A lot This could fuel the yuan's role globally in the next 10 years.
"A year ago, we didn't even know the COVID-19 situation would happen, so the changes could be so swift that we didn't expect it," Dooley said.
