Latest news: 
Shop
Bidding Open
Show Posts
46
Economics , Sociology & Politics / Re: BRICS+
« on: May 25, 2024, 10:40:28 AM »
"China's attempts to internationalise the yuan are finding fruit in the Gulf states. These states, particularly the United Arab Emirates and Saudi Arabia, are strengthening their financial cooperation with China through currency swap agreements, cross-border trade settlement arrangements and digital currency collaboration efforts."
"On 28 November 2023, the People’s Bank of China and the Central Bank of the United Arab Emirates renewed their currency swap agreement worth US$4.89 billion for five years. Both banks also signed a memorandum of understanding to enhance collaboration in digital currency development.""
Are you not confused that "the yuan is increasingly used" but .... transaction volumes are still priced in DOLLARS ? I think there's some dissonance here, no?!
That said, we are watching China's continued attempts to push the Yuan as a "Brics currency" The first attempt was a failure, now that China's economy is picking up speed, but the speed is diving into the abyss - the attempts have resumed. I'm sure that smart BRICS members understand perfectly well that this is an attempt to "export China's economic problems", not to build a stable financial system within BRICS.
By the way - it would be interesting to see the detailed information about the yuan deals, namely - what Arab Emirates and Saudi Arabia plans to buy from China ? Find out - and you will be greatly surprised !
"On 28 November 2023, the People’s Bank of China and the Central Bank of the United Arab Emirates renewed their currency swap agreement worth US$4.89 billion for five years. Both banks also signed a memorandum of understanding to enhance collaboration in digital currency development.""
Are you not confused that "the yuan is increasingly used" but .... transaction volumes are still priced in DOLLARS ? I think there's some dissonance here, no?!
That said, we are watching China's continued attempts to push the Yuan as a "Brics currency"
The first attempt was a failure, now that China's economy is picking up speed, but the speed is diving into the abyss - the attempts have resumed. I'm sure that smart BRICS members understand perfectly well that this is an attempt to "export China's economic problems", not to build a stable financial system within BRICS.By the way - it would be interesting to see the detailed information about the yuan deals, namely - what Arab Emirates and Saudi Arabia plans to buy from China ? Find out - and you will be greatly surprised !
