Remember “no blood for oil”? Decades ago, the slogan emblematized opposition to the U.S. invasion of Iraq. Its logic subsequently shifted as the United States experienced a gas and oil revolution thanks to fracking.
It has cycled back into relevance following the Trump administration’s invasion of Venezuela and the seizure of its oil, which, despite its carnivalesque tone, left at least 80 people dead. The Iran war has now ...
Category: Currency
Egypt Eyes Deeper Yuan Ties With China
In a call with Chinese Foreign Minister Wang Yi, Egyptian Foreign Minister Badr Abdelattyi signaled Cairo's interest in doubling the value of its existing currency swap agreement with Beijing—a move that would reduce Egypt's reliance on dollar-denominated financing for bilateral trade. ...
India’s Central Bank Proposes Linking BRICS’ Digital Currencies, Sources Say
By Jaspreet Kalra and Nikunj Ohri India's central bank has proposed that BRICS countries link their official digital currencies to make cross-border trade and tourism payments easier, two sources said, which could reduce reliance on the U.S. dollar as geopolitical tensions ...
IMF Calls for RMB Appreciation
The head of the International Monetary Fund called on China to allow the renminbi to strengthen, increase domestic consumption, and reduce its dependence on exports IMF Managing Director Kristalina Georgieva told reporters in Beijing: “China is simply too big to generate ...
Indonesia Turns to China’s Yuan to Cut Reliance on the U.S. Dollar
China’s yuan is taking a larger role in Indonesia’s currency markets, as Bank Indonesia opens new yuan-denominated monetary operations. This new facility aims to reduce reliance on the U.S. dollar. It also aim to support the fast-growing use of local currencies in trade with China.
As Indonesia Seeks to Restructure Rail Debt, China May Use Talks to Broaden Yuan’s Global Role
Indonesian debt talks with Chinese creditors over restructuring $7.3 billion of loans used to build the Southeast Asian country's high-speed railway are on track, according to sources on both sides, but there are some confusing signals emanating from the negotiations. Luhut ...
Analysis from Cobus van Staden
Indonesia Raises $842 Million in First-Ever Yuan Bonds
Indonesia raised about $842 million, equal to 6 billion yuan, by selling bonds to international investors denominated in China’s currency, the yuan, for the first time. The sale marks the first time Indonesia has borrowed in yuan. These yuan-denominated bonds ...
China Eyes Trilateral Currency Swap With Japan and South Korea
China is talking with Japan and South Korea about a trilateral currency swap, a person familiar with the matter said. The aim is to build a stronger regional financial backstop as U.S. tariff actions raise trade costs. According to ...
India Forced to Pay Russia in Yuan, Handing China an Unexpected Win
China stands to gain from a surprising twist in global energy trade: India, long a rival and major oil importer, is now being forced to pay Russia for crude in Chinese yuan (RMB), a move that strengthens the yuan’s global role and indirectly supports China’s currency in ...
China Makes First Move to Challenge Iron Ore Pricing Power. Yet Reality Lags Online Hype
China buys over 70% of the world’s seaborne iron ore—by far the largest share of any country. By simple market logic, the biggest buyer should set the price. Yet for decades, China has had almost no say over pricing, forced instead to accept terms set by foreign ...
China–Indonesia Launch Yuan–Rupiah Settlements, QR Payments
China and Indonesia on Thursday launched a local-currency settlement framework for bilateral transactions. Both countries also began a two-way trial of cross-border QR code payments. The central bank chiefs called the steps important milestones. Bank Indonesia said the local-currency scheme ...
When Ideology Meets Inflation, Argentina’s Milei Turns to China
The cry “Cambio! Cambio! Cambio!” rings out along Calle Florida, the bustling commercial artery of Buenos Aires. Dozens of unofficial money changers—many of them migrants from Chile, Venezuela, and Bolivia—line the street, calling out to passersby. They offer mercado azul, or the “blue market” exchange rates, trading ...
China Floats Ideas for “Multipolar” Currency System to Balance U.S. Dollar
China announced several new initiatives aimed at increasing global trade in the yuan and to hedge against the dominance of the U.S. dollar. Pan Gongsheng, the governor of the People’s Bank of China, proposed a future where the global financial system would rely on several currencies.