GOLD 0.51% $1,391.7 gold futures

Yuan Oil Contract, page-18

  1. 2,731 Posts.
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    Russia is now China's largest oil supplier, having recently surpassed Saudi. The completion of Siberian pipelines means Russia's share of Chinese oil purchases will increase, as a lot of oil was previously shipped by sea. Russia/China oil trade is not using dollars, and nor is the Iran and Venezuela trade.
    Saudi is currently the second largest supplier. Perhaps They are a good pathway for China to unload USD, but longer term they will have to take Yuan.
    Angola is a close third supplier and there is also Iran, Venezuela and others.
    The Saudis are set to lose more market share unless they fall into line and accept Yuan..
    23.
 
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