Venezuelan President Mahro said the country has begun to use the yuan to replace the dollar for crude oil.
US President Trump in August announced the imposition of new sanctions on Venezuela, including the prohibition of US companies on the Venezuelan government and the national oil companies were issued, the payment date of more than 30 days and 90 days of new debt, securities transactions, while prohibiting a series of Venezuela Country-owned existing debt transactions and dividends paid by the Venezuelan government.
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In response to the new sanctions imposed by the United States, Venezuelan President Mahduro also announced that it would use the currency, euro, yen and other currency baskets in international payments, thus freeing the country from dependence on the dollar. Foreign media that this move is in the positive US sanctions.
Venezuela’s oil ministry on Friday listed September yuan-denominated oil prices, including the first few weeks and the first few months of dollar-denominated oil prices. The Venezuelan government has ordered oil traders to stop accepting or initiating dollar payments.
Venezuela, the world’s largest oil reserves, is a blow to the dollar, regardless of progress, even if the current global oil market is still overwhelmingly trying to trade dollars. In the case of
Over the past two years, Qatar and China have traded in RMB worth $ 86 billion and have signed an agreement with China to encourage further economic cooperation.
Russia has also begun to accept RMB payments in 2016, becoming China’s largest crude oil partner, and repeatedly surpassed Saudi Arabia as China’s largest importer of crude oil. Earlier this year, Iran also gave up the dollar in response to President Trumb’s travel ban. The position of the renminbi in the international oil market is becoming more and more important.
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