Under normal circumstances inflation occurs, when too many monetary units (US dollars, Euros, Chinese Yuan) chase too few goods. But we are not living in normal times. To the contrary. We are living in an increasingly divided world, not only in political terms – West vs. East / Global North vs. Global South – but…
Gazprom Neft, the oil arm of Russian gas giant Gazprom, is starting to settle payments for the jet fuel it supplies in China in yuan, instead of in U.S. dollars, the company’s Alexander Dyukov has said. Russian oil firms have sought for years to shift away from U.S. dollar payments for deliveries, while China intends…
The topic of cryptocurrencies has gained prominence among specialists in international trade in recent months. With the global economic crisis generated by the new coronavirus pandemic, this need has become even more evident. The world powers enter a new race, seeking to be pioneers in a cryptocurrency system. Since 2014, China has been developing its…
Haikou, Hainan: In an unusual twist, financial experts have called upon China’s monetary authorities to let the Renminbi float to “ease risks” (China Daily, October 31, 2018). Sounds contradictory? At this juncture, at the height of Trump’s trade war against China, the Forex market has become weaponized. The policy of “Floating the Yuan” has contributed to the…
Summary The US dollar enjoys a special privilege in the world due to its dominance in the global oil trade. The agreement that created this dominance was predicated on the United States being the largest oil importer in the world, which is no longer the case. China is rolling out a new gold-backed yuan oil…
From 1945 to the present day, the US and its close European allies have developed a geopolitical narrative which in the minds of its authors, offered a blueprint for international peace and prosperity. According to this narrative, confrontational multi-party democracy, a rejection of constitutional secularism, an internally de-regulated market, an adversarial press and geopolitical alliances…
