The Renminbi’s Creeping Internationalisation (BNP Paribas)
China has recently revived talks with Saudi Arabia on settling some oil trades in renminbi in a move that many market players see as a first step towards gradually shifting the global oil trade to the renminbi from the US dollar, creating the ‘petro-yuan’.
Meanwhile, the Russo-Ukrainian crisis has raised the possibility of Russia trading oil with China using the renminbi instead of USD.
If Saudi Arabia and Russia were to work with China, the amount of renminbi-denominated oil trades could rise sharply and transactions could go through China’s payments system, the Cross-border Interbank Payments System (CIPS), at the expense of the dollar and the SWIFT system. READ MORE
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- China’s Renminbi is Rapidly Displacing the US Dollar as a Trading Currency (FT)
- Russia’s Bourse to Start Trading HK Stocks (Asia Times)
- Key Findings: Credit Suisse Emerging Markets Consumer Survey
- The Coming Eurasian Century: Russia and China are De-Dollarizing. Is “Pipelineistan” Coming?
- Russia Is Winning the Financial War (Lewrockwell.com)
- China Makes Move On Riyadh As Washington Considers Sanctions (OilPrice.com)
- Russia and China to Build a Rail Bridge Across the Amur River (PR)
- Saudi Arabia’s Tadawul Stock Market and Foreign Investment (AFC)
- Will China’s Digital Yuan Vanquish the Dollar? (Nikkei Asia)
- India, China Step on the Gas on Oil Sourcing Plan (Livemint)
- Results of MSCI 2017 Market Classification Review (MSCI)
- Income Ideas From Emerging Markets (Institutional Investor)
- Saudi Arabia’s First Successful Play for Emerging Market Status (Franklin Templeton Investments)