Tag: Chinese renminbi
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Could the Yuan Replace the Dollar in Saudi Arabia’s Oil Sales to China? Probably Not, But it’s Possible, Says S&P
It wasn't that long ago it would be inconceivable to suggest that Saudi Arabia would switch from the U.S. dollar to the Chinese yuan to settle oil transactions with Chinese buyers. While most analysts say that day is still a long way's off, it's not as far ...
WEEK IN REVIEW: Iran Is the Second Country This Week, After Argentina, to Submit an Application to Join the BRICS Club
Iran is the second country this week, after Argentina, to submit an application to join the BRICS club. The BRICS group is increasingly seen by both Beijing and Moscow as a potential alternative to the Western-led international economic order. Although the BRICS states have agreed to expand their ...
Brazil’s Central Bank Quadruples Yuan Holdings, Raising Chinese Hopes for Greater RMB Acceptance
Brazil’s Central Bank increased its reserves of Chinese renminbi (RMB) fourfold last year. It is the latest indication that the RMB is set to become much more influential in the global financial landscape. A survey last week indicated ...