RMB will be pricing oil, China and Russia have created a no dollar environment
According to reference news network reported according to the American consumer news and business channel website reported on October 11th, high-frequency economic information agency chief economist and executive director Karl Weinberg said, "once China replaced the United States as the world's largest oil importing country, Beijing will become the main force of oil demand the most important.
Weinberg said, "Saudi Arabia needs to pay attention to this, because at most one to two years, China's demand will make the U.S. demand pales."". "I think the timing of oil pricing with the renminbi is coming, and once Saudi Arabia accepts, then other countries in the oil market will follow." He expresses.
In recent years, several countries opposed to the US dollar as a reserve currency have been actively seeking to abandon the dollar.
For example, Russia and China have created a no dollar environment when trading oil. Both countries have stepped up mining and acquisition of real gold to prevent the collapse of the dollar.
When asked if the oil from the market traded in dollars to Renminbi trading on the dollar means what, Weinberg said, the world dollar transaction currency, "the overall demand for U.S. debt will be reduced".
"Oil trade from dollars into yuan, for now, will reduce the value of 600 billion to $800 billion, which means that the increase of all kinds of things Chinese needs, whether goods or services or bonds. This is a growth opportunity for china." Weinberg said.
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