Yuan - Garner Ted Armstrong Evangelistic Association

Exclusive: Central banks eye gold, euro and yuan as dollar dominance wanes

Yoruk Bahceli and Dhara Ranasinghe — Wed, 25 Jun 2025 00:07:53 +0000

LONDON, June 24 (Reuters) – The custodians of trillions of dollars of global central bank reserves are eyeing a move away from the greenback into gold, the euro and China’s yuan as the splintering of world trade and geopolitical upheaval spark a rethink of financial flows.

According to a report, opens new tab by the Official Monetary and Financial Institutions Forum (OMFIF) due to be published later on Tuesday, one in three central banks managing a combined $5 trillion plan to increase exposure to gold over the next one-to-two years after stripping out those planning to decrease, the highest in at least five years.

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Source: https://www.reuters.com/world/china/central-banks-eye-gold-euro-yuan-dollar-dominance-wanes-2025-06-24/

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Exclusive: China moves to support yuan as stock markets tumble

Reuters — Mon, 22 Jan 2024 21:11:48 +0000

SHANGHAI/BEIJING, Jan 22 (Reuters) – China’s major state-owned banks moved to support the yuan on Monday, tightening liquidity in the offshore foreign exchange market while actively selling U.S. dollars onshore as equities slid, four sources with knowledge of the matter said.

The goal was to prevent the yuan from falling too fast as China’s A shares plunged, said one of the people, with the benchmark Shanghai Composite index (.SSEC), opens new tab posting its biggest one-day drop since April 2022 on Monday, down 2.7%.

“It is a clear policy signal to stabilise the yuan and counter the negative market sentiment on equities,” said Gary Ng, senior economist for Asia Pacific at Natixis.

Overseas funds have sold roughly $1.6 billion in Chinese equities so far this year, with investor confidence bruised by signs of slowdown in the world’s second largest economy.

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Source: https://www.reuters.com/markets/currencies/china-moves-support-yuan-stock-markets-tumble-sources-2024-01-22/

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The post Exclusive: China moves to support yuan as stock markets tumble first appeared on Garner Ted Armstrong Evangelistic Association.

Argentina to pay for Chinese imports in yuan rather than dollars

Reuters — Thu, 27 Apr 2023 19:55:35 +0000

BUENOS AIRES, April 26 (Reuters) – Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country’s dwindling dollar reserves.

In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.

The decision aims to ease the outflow of dollars, Argentina’s Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.

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Source: https://www.reuters.com/world/china/argentina-govt-pay-chinese-imports-yuan-rather-than-dollars-2023-04-26/

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Saudi Arabia considers accepting yuan instead of dollars for Chinese oil sales

Summer Said and Stephen Kalin - Wall Street Journal vi Fox Business — Mon, 21 Mar 2022 14:29:51 +0000

Talks between Riyadh and Beijing have accelerated as the Saudi unhappiness grows with Washington.

Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.

The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said.

The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year.

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China buys more than 25% of the oil that Saudi Arabia exports. If priced in yuan, those sales would boost the standing of China’s currency. The Saudis are also considering including yuan-denominated futures contracts, known as the petroyuan, in the pricing model of Saudi Arabian Oil Co., known as Aramco.

It would be a profound shift for Saudi Arabia to price even some of its roughly 6.2 million barrels of day of crude exports in anything other than dollars. The majority of global oil sales — around 80% — are done in dollars, and the Saudis have traded oil exclusively in dollars since 1974, in a deal with the Nixon administration that included security guarantees for the kingdom.

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China introduced yuan-priced oil contracts in 2018 as part of its efforts to make its currency tradable across the world, but they haven’t made a dent in the dollar’s dominance of the oil market. For China, using dollars has become a hazard highlighted by U.S. sanctions on Iran over its nuclear program and on Russia in response to the Ukraine invasion.

Source: https://www.foxbusiness.com/markets/saudi-arabia-considers-accepting-yuan-chinese-oil-sales

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The post Saudi Arabia considers accepting yuan instead of dollars for Chinese oil sales first appeared on Garner Ted Armstrong Evangelistic Association.