Reuters: China will promote the idea of ​​settlements with Arab countries for oil and gas through the Shanghai Stock Exchange

According to Reuters, Chinese President Xi Jinping invited the countries of the Arab world to pay for black gold with Chinese currency, thereby helping to reduce Washington's influence in the oil industry.

Reuters, citing sources in Saudi Arabia, notes that China is trying to promote the idea of ​​switching oil trade from the dollar to the yuan. However, the source of the agency added that the time has not yet come for such a step.

According to Xi Jinping, China will promote the idea of ​​settling accounts with Arab countries for oil and gas through the Shanghai Oil and Gas Exchange.

These attempts by Beijing to weaken US influence in the oil sector, at least through Saudi Arabia, are unlikely to succeed, since, as Reuters notes, most of the assets and reserves of Saudi Arabia, and most other oil Arab countries, are denominated in dollars. But whether this prevents Riyadh from reducing the volume of such an expression, Western authors do not comment.

Earlier, at the opening of the first Sino-Arab summit, the PRC leader announced plans to create a joint investment council with the Gulf countries. And Chinese Foreign Ministry spokeswoman Mao Ning called the summit historical for the development of Sino-Arab relations.

In 2013, China became the world's largest oil importer, overtaking the traditional leader, the United States.

Comments

[Alien From]

Uncle Xi's eggs are more abruptly boiled, much more abruptly!

[Godzila]

Quote: Alien From

Uncle Xi's eggs are more abruptly boiled, much more abruptly!

It's all thanks to Russia and our GDP
Come on Xi push the dollar and others Russia will support your ICBM mines
near the borders of Russia have long been placed under our missile defense - air defense
Let's go Chinese and don't drift

[Myths]

We are waiting for the next unwinding of the situation with Taiwan.
The exchange is good minus the control of the usa, but there will be many questions about what the calculation will be ...

[guest]

Quote from Mitos

what will be the calculation...

In yuan.

[KCA]

The Chinese didn’t give up on wild, cold, and even with midges, swamps, permafrost and other joys, Russia, they prefer to bask in the tropical sun on the islands, much to the south

[Fitter65]

Quote: KCA

The Chinese didn’t give up wild, cold, and even with midges, swamps, permafrost and other joys, Russia,

You tell the Chinese who live and work in our far north.

[KCA]

They like everything, and they stay for permanent residence? Or did they not find work in China, or did the party say it was necessary, the Red Guard answered yes? How many tens of thousands of families from the time of the USSR went to the north, Sakhalin, Kamchatka to earn money and go to the south? And the experience of a year for three, is it possible to retire at 40 years old? And the military, in general, at 28, I have two acquaintances, one, however, fought all the time, the second served in Kamchatka, 28 years old, full length of service

[Fitter65]

Quote: KCA

And the military, in general, at 28,

Lie. I answer you. Let me serve in an area equivalent to the conditions of the Far North from December 1988 to August 2015, I had a month and a half. In short, you are not quite in the subject. Heard a ringing but do not know where he is.

[KCA]

I heard a ringing from my company commander, who started from the Suvorov military school and drove - Afghanistan, Karabakh, Tajikistan, they sent him to finish his service, straight to a quiet place - the North Caucasus, I demobilized in December 1993, he escorted me to the train, because then demobilizations were bombed on once, he was 28 and had to serve until August 1994, I hope he managed to quit, he got a lot without Chechnya, the second brother of my girlfriend at that time, from the age of 15 in Nakhimovsky, immediately to Kamchatka, he was born and lived there , before my father left for the reserve and moved, at 28 full service and dismissal, free delivery of a railway container with things to anywhere in Russia, who informed me wrong? Civilians, I don’t know, have their own coefficients. Even I, for example, having spent 6 months in the state of emergency zone, can claim an experience of 1.5 years, but it will cost a couple of years of my life to confirm it, I don’t need it, they will count, well done, no, no

[Nyrobsky]

Quote: KCA

I heard a call from my company commander

Well, what can I say? - earplugs to help you
According to the track record, I have no complaints, but the presentation should be different, no offense

[Fortress]

And for sure, these Chinese have learned to swear in Russian. Or maybe they will send three funny ones and in Chinese. Kozlodoev provocateurs are not loved anywhere. neither in Russia nor in China.

[Nyrobsky]

Quote: KCA

The Chinese didn’t give up on wild, cold, and even with midges, swamps, permafrost and other joys, Russia, they prefer to bask in the tropical sun on the islands, much to the south

Did you blurt out so unintentionally with a fool, or simply out of thoughtlessness, having an unbridled desire to sell your own stupidity to the enlightened majority, did you decide to blow smoke?

[stelltok]

Well, 1 billion people, not khukhr muhr.

[tihonmarine]

Quote: Alien From

Uncle Xi's eggs are more abruptly boiled, much more abruptly!

The eggs are cooler, but the shell is the same, the same thickness.

[Alien From]

There's a whole billion on the shell works

[tralflot1832]

There is a captain - evidence, there is an American journalist - evidence. To write what is beneficial for the United States. It is too early to draw conclusions after Xi's visit to Saudi Arabia. It takes time to implement these agreements. The oil market will show what it was.

[28st region]

Well done Chinese. They don’t really bully anyone, but they raise their country and the whole world reckons with them. And how famously they are spinning between the Arabs and Russia. Here's who to learn from.
Especially our super cool business people. Wherever a Chinese person lives, he still works for China and does not draw funds from his country.

[Fortress]

I must say: "DOES NOT PICK".

[kamakama]

Gaddafi tried, but failed. Here the layout is completely different.

[Vic Vic]

"Most of the assets and reserves of Saudi Arabia, and indeed most other oil Arab countries, are denominated in dollars."
What does "expressed" mean? Probably, assets in dollars are counted. And how exactly can it interfere?
Assets in dollars, and sold oil in yuan. What will happen with this approach, where will it spark and what will break?
Is it impossible to recalculate assets at the rate in yuan?
In general, it is not clear ...

[Denis812]

Expressed means that the IPO was made in dollars and the shares of the companies are traded in dollars and the reserves are in dollars. Just "counting" will not work.
It's only among the patriots that it's so easy to take everything and "get out" of the dollar.
In fact, such a movement can only happen when the state takes extraordinary measures. Like what the Russian Federation is doing now. And then, even now, most of the calculations are in dollars and euros. Despite the war and sanctions.

[Vic Vic]

Thanks for the extended answer.
Although it is not clear to me, a person who is apparently completely dark, why in this case, the Arabs will not be able to sell oil on the Chinese stock exchange. Both sides seem to want it. What might not work there?
Electric shock will hit the seller and the buyer?
It is strange for me that such economic, market issues, in principle, are not presented with intelligible explanations. The most common explanation is that it doesn't work that way.
If you think about it, there are clarifications in many areas of science and arts, incl. and popularizing these sciences and arts, if you like, "for dummies." But only in economics is there no such form of clarification, popularization.
You have to be content with one of two explanations, either “it works / doesn’t work like that,” or after the answer, you want to ask who the specialist was talking to right now. This state of affairs is reminiscent of a conspiracy of elites. A bit like "it doesn't work that way". Reminds me of a favorite thesis of liberals. They will say some more than controversial thought and add: "as everyone knows."

[kamakama]

The CA can be declared a country with insufficient democracy (although there is not much of it anyway), which leads to the restriction of transactions, the supply of weapons, the refusal of other buyers, and so on. The world is polarizing, if you are with some, then against others. Can't sit on two chairs

[fakir88]

Can't sit on two chairs

The time is coming for diplomats, not for stamens pounding on the table. Who can sit on two chairs - he will receive the maximum profit.

[kamakama]

The key word is "can". In my memory, they traded very well with the USSR and 2 countries rose, which managed to be neutral. These are Finland and Austria. Now the polarization is at the level of the Caribbean crisis, not before. Yes, and financial structures are tied much tighter around the world than 40-50 years ago

[Vic Vic]

In this situation, the reasons are not at all economic, in the truest sense of the word.

[fakir88]

Electric shock will hit the seller and the buyer?

From the freezing of assets (the most radical point) to the fall in capitalization and the volume of reserves due to the weakening of the dollar against the yuan (a direct consequence of the transition to settlements in another currency due to the growth in demand for the currency). Yes, and the United States, or rather NATO, can behave very unpredictably if they feel the danger to the dollar, as a key element of its power.

[Denis812]

it is not clear why in this case, the Arabs will not be able to sell oil on the Chinese exchange

because no one can just take and sell oil. This is not a market on Paveletskaya.
No one can take and sell oil from Russia to China. You can't do that, you understand?
If you do not understand why - read the laws on interstate trade.

[Vic Vic]

If I understood you correctly, then the Russian Federation cannot sell its oil to China?
"No one can take and sell oil from the Russian Federation to China."
But he sells.
Yes, and as has been repeatedly noted, shipped oil, like gas, can very quickly lose its original nationality at the first reloading and mixing with other oil.

[Denis812]

You misunderstood.
The problem is that you have to get away from something.
Why is it so difficult for both the Russian Federation and China to promote trade for their currencies?
Obviously not because there is nothing to buy for rubles or yuan. Already goods that we have, that in China in bulk.
But because for dollars you can buy anything and anywhere, but for rubles - only in the Russian Federation and for yuan - only in China.
Accordingly, the Arabs have heaps of dollars, but no rubles or yuan.
If they want to enter into an oil deal with the Russians or the Chinese, they need to exchange dollars for rubles or yuan.
And here the problem arises - your economy is ALL built on the dollar.
All shareholders of Aramco and others always consider everything in dollars. All reporting, all risks, everything in general in dollars.
And you suddenly say, let's get 10 percent out of the dollar that way.
What do you think will happen to Aramco and other companies, and indeed the entire economy of the country?
And the second, which is even more important. There is a bespredelschik - the United States, which will react very harshly to such a move. They react like animals to every dollar to the price of oil, and then someone encroaches on the petrodollar. Sadamushka and Kadafych have already tried. We know where they were sent.
Therefore, the Arabs should think a hundred times how to fit into a deal with China.
Because, probably, the Chinese drove to them and they call up Putin once a week.
Prescribe safety conditions. Maybe an "umbrella" of some kind or something.

[Vic Vic]

Those. reasons, in many respects not economic, but political.
If the Arabs begin to abandon the dollar, and the Americans fail to solve the problem quietly, but decide rudely and loudly, then this will be, so to speak, a farewell tour of the United States in the role of the world giant. In this case, all other countries, if they continue to rely on the dollar, but not on conscience, but for fear of the United States, will nevertheless begin to diversify their currencies. That is, even by "punishing" the Arabs, the Americans are unlikely to be able to avoid unacceptable damage to themselves.

[Denis812]

When such grandmas, then of course the problem is political.
After all, the West would really not care if Putin wanted to lose his Svloreich.
The problem is not at all in this, the problem is in the cardinal contradiction between the policies of the United States and Putin.
And now China has been added to Putin.
And now we see how the Arabs began to start something.
From the US point of view, their cozy dollar world is collapsing. Why would they allow it? They won't give it up without a fight. One fight is already in Ukraine. And they will bring more.
After all, if we don't want a world without Russia, then why do they need a world without the US? :)

[Denis812]

It's amazing how this site changes texts on the fly.
Here is what I wrote - below in the picture, There is no "losing your Svloreich".

[Vic Vic]

"After all, if we don't want a world without Russia, then why do they need a world without the US?"
But for this they have, even to be guided by this approach, and not what to do, the gut is thin. Although the role of individuals is not excluded.

[Denis812]

If there is one like Churchill or Eisensauer or even Kennedy, then they will do it quite well.

[Vic Vic]

There are none of these for a long time.
For too long they ate deliciously and drank sweetly, which spoiled their karma

[Lech from Android.]

most of the assets and reserves of Saudi Arabia, and indeed most other oil Arab countries, are denominated in dollars.

That's when the United States freezes the reserves of the Saudis, then they will stir.

[Godzila]

China already knew everything in advance ..

So they came out center

[rocket757]

Reuters: China will promote the idea of ​​settlements with Arab countries for oil and gas through the Shanghai Stock Exchange

. So it’s understandable, from the dollar, in the calculations, they will move away and even have their own buns, from the process.
A normal move, but .... and those BUT will be more than one.

[Amateur]

most of the assets and reserves of Saudi Arabia, and indeed most other oil Arab countries, are denominated in dollars.

Saudi Arabia's assets are its oil, equipment for its extraction and processing, and related infrastructure. These are REAL assets. You can rate them however you like. Even in parrots. In addition, the Saudis own shares in companies around the world. Although their value is determined in dollars on the stock exchange, it can be converted into real money in the currency of the country where these enterprises are located. Well, bank deposits and other monetary investments, and American "securities" - this is the paper that the United States at any time can arrest, freeze, confiscate, etc., in short, steal. So the rejection of the dollar in settlements with China will not bring anything particularly terrible to the Saudis, unless the Americans stage a coup or bomb the entire infrastructure of the Arabs.

[ANB]

The lion's share of goods on the market - from China. So why is there a dollar? We sold oil for yuan, bought goods in China for yuan.

[Arkady007]

Shanghai exchange and settlement in rubles with yuan - 5 points.