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Petro Dollar days numbered? Saudi/China Oil deal
Posted on 3/27/23 at 10:23 am
Posted on 3/27/23 at 10:23 am
Saudi Arabia invests billions in China downstram refineries
They’re dealing in Chinese Yuan. LINK
This makes our currency likely to decline, right? Would gold be a safe place to park cash now as a currency (and also inflation) hedge?
quote:
On Sunday, Aramco announced plans to construct a new refinery and petrochemical complex in northeastern China through a joint venture. Aramco, which holds a 30% stake in the Huajin Aramco Petrochemical Company, would supply 210,000 barrels per day of crude to the complex.
They’re dealing in Chinese Yuan. LINK
This makes our currency likely to decline, right? Would gold be a safe place to park cash now as a currency (and also inflation) hedge?
This post was edited on 3/27/23 at 10:27 am
15
Posted on 3/27/23 at 10:26 am to SaintsTiger
I don’t have a clue but the Saudi’s have to trust the Yuan, so the question is do they?
Posted on 3/27/23 at 10:28 am to baldona
Edited to add a link to an article saying they are dealing in yuans.
quote:
Saudi Aramco is buying 10% of Rongsheng Petrochemical Co., one of China’s refining giants, for 24.6 billion yuan ($3.6 billion), in a move that expands its presence in the world’s biggest energy importer.
Posted on 3/27/23 at 11:34 am to SaintsTiger
China’s economy and yuan go to shite if the US economy and dollar go to shite
Posted on 3/27/23 at 11:42 am to Cosmo
quote:
China’s economy and yuan go to shite if the US economy and dollar go to shite
Explain your opinion like I'm 5 please.
I saw the other day where Russia, India, China, and many South American countries made or or agreed to make contracts to deal in the yuan. How would that not hurt the US dollar?
Posted on 3/27/23 at 11:52 am to SaintsTiger
The Yuan makes the dollar look like pure gold bars in terms of manipulation. I don't believe any of these stories, China basically arbitrarily sets the yuan exchange rate every day; you would have to be a moron to want to transact in it more than the dollar. Now these countries creating a new un frickable currency to transact in, that makes much more sense.
Posted on 3/27/23 at 11:56 am to SaintsTiger
quote:
I saw the other day where Russia, India, China, and many South American countries made or or agreed to make contracts to deal in the yuan.
What are the idiots in Washington doing about this?
Posted on 3/27/23 at 12:19 pm to dewster
The idiots in Washington don't solve problems, they create them and then campaign on how they will fix them.
See also: first day of medical school about a patient cured.
See also: first day of medical school about a patient cured.
Posted on 3/27/23 at 1:01 pm to Pendulum
quote:
Now these countries creating a new un frickable currency to transact in, that makes much more sense.
If only something like this already existed.
Posted on 3/27/23 at 1:02 pm to dewster
quote:
What are the idiots in Washington doing about this?
Same playbook as when Iraq wanted to trade oil in something other that dollars. War.
Posted on 3/27/23 at 1:02 pm to I Love Bama
quote:can't put my finger on it
If only something like this already existed.
Posted on 3/27/23 at 2:32 pm to SaintsTiger
This is not good for Russian oil all in all. The Saudi’s are cutting into the Russian supply with this.
Posted on 3/27/23 at 2:37 pm to Pendulum
quote:
The Yuan makes the dollar look like pure gold bars in terms of manipulation. I don't believe any of these stories, China basically arbitrarily sets the yuan exchange rate every day; you would have to be a moron to want to transact in it more than the dollar. Now these countries creating a new un frickable currency to transact in, that makes much more sense.
The Petrodollar will weaken, and that will hurt. It’s very concerning.
But don’t see a major move to the Yuan happening. At least not so quickly that it can’t be dealt with.
Posted on 3/28/23 at 7:14 pm to SaintsTiger
quote:China exports 2x more to the US than any other single country. The 2nd biggest receiver of chinese garbage is Hong Kong. china claims HK is part of China. So if you don't county entities that may or may not be part of china, the US imports 3x more from china than any other country. in addition, China roughly one trillion $$$ worth of US treasuries.
Explain your opinion like I'm 5 please.
on a side note, only absolute clueless people think the US and China could go to war within 100 years. That doesn't even scratch the surface of China's lack of navy or air force.
Posted on 3/28/23 at 8:30 pm to SaintsTiger
quote:
This makes our currency likely to decline, right?
The end of the dollar has been predicted for a very long time, yet it continues to strengthen vs the world.
Posted on 3/28/23 at 8:47 pm to faraway
quote:
China exports 2x more to the US than any other single country. The 2nd biggest receiver of chinese garbage is Hong Kong. china claims HK is part of China. So if you don't county entities that may or may not be part of china, the US imports 3x more from china than any other country. in addition, China roughly one trillion $$$ worth of US treasuries.
I see your point. At some point China can say we make all the stuff. You just print money. We’ll keep our stuff and you keep your Monopoly money. They keep what they produce. And we keep what we print…
Posted on 3/28/23 at 11:27 pm to SaintsTiger
And how do you think that will turn out for China?
Without our money, they can’t buy food and oil/gas. They will be in worse shape than us by a wide margin.
Without our money, they can’t buy food and oil/gas. They will be in worse shape than us by a wide margin.
Posted on 3/29/23 at 5:47 am to SaintsTiger
quote:Yeah no. China would collapse overnight if they did this. There would be mass starvation all over the place
I see your point. At some point China can say we make all the stuff. You just print money. We’ll keep our stuff and you keep your Monopoly money. They keep what they produce. And we keep what we print…
Posted on 3/29/23 at 6:24 am to SaintsTiger
The Saudi currency is pegged to the USD. Every transaction they make in the riyal is essentially a transaction in USD as long as the riyal/usd peg remains in place.
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