(Source: Russian Satellite News Agency 2024-09-11）
Developing cooperation in energy, finance, high-tech and other fields will become the main topic of a series of talks between Chinese Premier Li Qiang in Saudi Arabia and the United Arab Emirates. Access time is September 10-13.
Former Saudi Minister of Industry and Mineral Resources Khurlayev"Intensified" the agenda of the Chinese Prime Minister's trip to the Middle East. In an interview with Asian media after his visit to China in early September, he said that Saudi Arabia’s attitude towards using RMB in w88 payments is “positive”. He noted that Saudi Arabia is open to the idea of paying for oil supplies to China in yuan.
China has become a major trading partner for many Arab and Gulf Muslim countries. Many countries are actively seeking to reduce their w88 dependence on the U.S. dollar. Therefore, diversifying payment systems and conducting w88 settlements with China in their own currencies are becoming one of the priorities for bilateral financial cooperation.
Wang Zhimin, Researcher at the National Institute of Opening-up and Opening-up, Director of the Institute of Globalization and Chinese Modernization, w88 casino, ChinaIn an interview with the Russian Satellite News Agency, he said that in the energy cooperation between China and Middle East countries, RMB settlement is an unavoidable topic.
Director Wang Zhiminsaid:"Countries in the Middle East, including Saudi Arabia, are important participants in the joint construction of the "Belt and Road". In recent years, the cooperation between the two parties has become increasingly close. Last year, China and Arab countries also reached an agreement on building a China-Arab community with a shared future for the new era. Currently, the Middle East is one of the important producers of oil and natural gas in the world, and energy cooperation is the main direction of its foreign cooperation. In China and the Middle East countries In energy cooperation, RMB settlement is an unavoidable topic. China's promotion of the use of RMB for settlement of energy transactions with Middle Eastern countries is a gradual and long-term process, which needs to be achieved through gradual reform and opening up, as well as the natural selection of the market. In addition, considering the relationship with the United States, the process of using RMB in cross-border crude oil transaction settlement may not be smooth sailing.
Middle Eastern countries in recent yearsThe trend of "de-dollarization" is becoming more and more obvious. For example, last year the People's Bank of China and the Central Bank of Saudi Arabia signed a bilateral local currency swap agreement of a certain scale. This time, Saudi Arabia once again showed interest in using RMB to settle oil, reflecting the diversification trend of the international monetary system, including the decline of the US dollar's share in international payments. In fact, diversification is the development trend of today's world, whether in the world politics or the world economy. At present, China's international status has increased significantly, including its share and voting rights in the International Monetary Fund. In this regard, I believe that no matter which country it is, it needs to adapt to diversified development, because this trend is unstoppable by any country. ”
The RMB’s share in international settlements reached a record high of 4.74% in July, up from 4.61% in June. This is statistics from the SWIFT payment system. The yuan has ranked fourth in popularity for international payments for the ninth consecutive month. In w88 settlement, the market share of RMB is 6%, second only to the US dollar, and surpassing the euro for the second consecutive month.
Nikita, expert at the Center for Political Technology·Maslennikov predicts that the share of RMB in international payments will gradually grow.
Nikita·Expert Maslennikov said: “By the end of this decade, the share of the RMB may reach 7-8%, including China's oil transactions with the Gulf countries. However, regional oil traders will face strong pressure from other market participants, including political pressure, so it is very difficult to make accurate predictions. In addition, Saudi Arabia will also want to join the system sooner or later. The situation of world w88, especially that of energy resources, is also very uncertain. Expanding RMB w88 is possible, but it is unclear whether the future w88 scale will be different from the current w88 scale. Now that oil prices have fallen, the forecast is quite uncertain; by the end of this year, the price of a barrel is likely to be around . Around $75.
There will also be a massive energy transition, so it is difficult to say that global oil demand will expand indefinitely. Another factor that will in some way affect the growth of the yuan’s share of international payments is the launch of countries’ own digital currencies. Currently there are More than 70 central banks are developing these programs in some form. Russia and China are also actively testing their respective digital currencies. The digitization of the global monetary system is likely to lead to major adjustments in currency payments in various countries. ”
The United States will certainly be concerned about the increasing share of the renminbi in international payments, especially in the energy sector, as this would spell the end of the petrodollar era. Because of this, the United States is trying to artificially narrow the circulation scope of the RMB. Recently, the U.S. House of Representatives supported an initiative to require the U.S. Representative to the International Monetary Fund“Opposed to increasing” the RMB’s share in the SDR basket. Expert Nikita Maslennikov believes that this bill has no value from a practical point of view.
He said:"To a greater extent, this reflects the growing fear of Chinese influence among U.S. lawmakers, and attempts to use decisions that hinder China's development to hurt China. This decision has only domestic political significance in the United States. With the outcome of the presidential election uncertain, politicians must show that they Efforts are being made to contain China. But so far this initiative has had little effect. Changing the structure of the drawing rights will take many years because first the country's share in the IMF will have to change. But in any case, it will not have a significant impact on the global status of the renminbi."
The proportion of RMB in international payment settlement will be major and to a greater extent Affected by China's economic growth rate, growth quality and its position in international w88. A very important indicator will be how China continues to engage in cooperation to solve the global debt problem. Today, for example, China responded flexibly and proactively to requests from African and South Asian countries to help them balance their budgets and stabilize their currencies and financial systems. These issues are being addressed, including currency swaps using national currencies, thereby reducing the circulation of the dollar.
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