China removes the dollar from oil exchanges.
Reuters reported that Chinese President Xi Jinping, during his recent visit to Arab countries, told the leaders of these countries that Beijing will put the plan on the agenda to use yuan (Chinese currency) instead of dollars in the purchase and trade of energy. use.
According to Reuters, these statements by the Chinese president are another step in Beijing’s efforts to exclude the dollar in international transactions.
In recent months, China, Russia and Turkey also agreed to conduct at least part of their trade exchanges in the field of energy with each other’s national currencies.
In mid-September, Russian President Vladimir Putin emphasized that in modern economic conditions, we will face a well-known and inevitable process of dollarization, and this process is inevitable.
Russia and China agreed at the beginning of September that the two countries made their national currency the basis of payment for their gas exchange, and the Russian company Gazprom announced that this Russian company and a Chinese company signed agreements, according to which Zain will pay back payments related to gas exports. In China, it changes to ruble and yuan.
According to the announcement of Gazprom company, the financial payments related to the supply of gas to China from Russia were also finalized with rubles and yuan, the national currencies of the countries. Gazprom emphasized: the new payment mechanism is a beneficial, timely, reliable and practical solution. It simplifies calculations, becomes a great example for other companies and gives more impetus to the development of the economy. Shortly after the start of the war in Ukraine, Russia announced that it will only allow gas exporting countries to pay their gas prices in rubles.
