Exclusive: China taking first steps to pay for oil in yuan this year

China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing’s efforts to establish its currency internationally.

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Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

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Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

Click to expand...

swing_voter said:

The Saudis are pumping so much oil and nobody is using oil because of self distancing, that oil is less than $20 a barrel.

I don't think it matters if the Chinese pay for oil in their currency or not.

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Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

Click to expand...

eman623 said:

The yuan is fake money. It's the only major world currency that isn't freely convertible and can only be officially traded in China and Hong Kong. Beijing also sets the official exchange rate. They get to decide how much your money is worth and if they decide to devalue your holdings, well tough noogies.

If I were an oil producer, I'd insist on greenbacks and pass on the Xi-bucks.

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Mycroft said:

Trump has been working to remove the US from dependence on China since the day he took Office. However, if China "cuts us off of our cheap goods", our economy is NOT doomed. We will simply buy those products...or world manufacturers will move their factories...from other countries or we'll produce them right here in the US.

China is well aware that THEY depend upon the US more than the US depends upon them. We have options...they don't. They need the US consumers to buy stuff from them. Heck, that's why they have gone to such lengths to keep the US buying their products in the face of high tariffs. They subsidized their manufacturers, their manufacturers have eaten the cost of the tariffs and China devalued their currency. All this was designed to keep the US consumer buying their stuff.

So no...they are NOT "winning".

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Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

Click to expand...

Northern Light said:

All Trump has done is instigate a trade war and increase domestic prices by slapping tariffs on Chinese goods. He hasn't mitigated anything. If he wanted to mitigate the problem, he would begin the long and arduous process of resurrecting some domestic manufacturing, or better yet, support the burgeoning industries that could make the United States a leader in the coming decades. Instead, he did what every recent President has done, and give subsidies to the oil industry. Now those subsidies aren't even worth toilet paper because the domestic oil sector is about to go under.

This is what happens when Presidents fail to support economic policy that includes diversification. Trump put all our eggs into one basket, with the intention of "defeating" China through a trade war. Meanwhile, China holds all our cheap goods and factories. The USA is essentially biting the hand that feeds it, and now we are in a position to lose big time. If Trump was smart (and he isn't), he would've put major bucks into infrastructure and diversification that was already in place under Obama and to some extent George W. Instead, he cut funding to all those upcoming industries and sunk many of them.

We need a different President, badly. This one is utterly incompetent and incapable of dealing with the crises of today's world. The next POTUS will have their work cut out for them.

Click to expand...

Mycroft said:

Trump has been working to remove the US from dependence on China since the day he took Office. However, if China "cuts us off of our cheap goods", our economy is NOT doomed. We will simply buy those products...or world manufacturers will move their factories...from other countries or we'll produce them right here in the US.

China is well aware that THEY depend upon the US more than the US depends upon them. We have options...they don't. They need the US consumers to buy stuff from them. Heck, that's why they have gone to such lengths to keep the US buying their products in the face of high tariffs. They subsidized their manufacturers, their manufacturers have eaten the cost of the tariffs and China devalued their currency. All this was designed to keep the US consumer buying their stuff.

So no...they are NOT "winning".

Click to expand...

Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

Click to expand...

Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters





Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

Click to expand...

Northern Light said:

Exclusive: China taking first steps to pay for oil in yuan this year - sources - Reuters



Say hello to what's really going on: a massive transfer of economic power away from the USA and toward Russia and China. Whether masterminded or simply taking advantage of the situation, so far they are winning. Between SARS-CoV-2 coming from China and Russia teaming up with OPEC to price fix oil, we are in a lot of trouble here.

We shot ourselves in the foot by sending all our manufacturing to China. The globalists have screwed us over royally. If China cuts us off of our cheap goods, our economy is doomed. No more cheap goods, no more cheap pharmaceuticals. Our own greed has defeated us.

Here is a report that was presented to the Trump admin mid-March about China's objectives during this crisis. It's been circulating around the International Relations community that I'm part of.

I think we need to prepare for the possibility of long-term disenfranchisement, owed mostly in thanks to the shortsightedness of the neo-liberals who shifted our domestic economy to a service-based one. If the global market collapses or shifts to different leadership, we won't have a leg to stand on because our leaders have successively and myopically failed to prepare any backup plan for our economy.

We were warned over and over that this could happen but all of the self-interested parties have obstructed progress. Now the average joe is screwed while the wealthy corporate fat cats will sit behind their moats watching everything possibly go up in smoke.

Click to expand...

braindrain said:

And what do you think would happen to china's economy if they stopped selling to the US.
Furthermore more other counties would be more then happy to stay selling us cheap crap. This has already started to Hakeem somewhat with Vietnam and several other countries.
China will not be able to find a market to replace ours. Because it doesn't exist.

At the end of the day they need us a lot more then we need them.

Finally you can blame neoliberals and globbalists am you like but the real problem is that Americans want cheap crap. We as a whole are not willing to pay for quality. That more then anything else drives manufacturing overseas.

People are not willing to spend 150 dollars on a quality US made pair of jeans when they can get cheap crappy jeans made in China for 25.

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Northern Light said:

China's Belt and Road Initiative is already starting to replace their need for U.S. consumerism. After the west comes out of this pandemic, China will be king.

I'm not saying I want to see that happen, I'm just saying that's what's gonna happen.

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TU Curmudgeon said:

Sometimes knowing what you want to actually accomplish, making actual plans on how to actually accomplish what you want to actually accomplish, and actually following the actual plans that you actually made so that you could actually accomplish what you wanted to actually accomplish works better than simply doing whatever feels good at the moment (because you don't have a clue about what the actual results will be BUT you can get a great photo-op out of doing it).

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