The Chinese government issued its first petroyuan-denominated long-term oil trading contracts in the spring of 2018, with the move posing an audacious challenge to the petrodollar - the powerful instrument of global trade and finance ensuring the US dollar's status as the de facto world reserve currency for over 50 years now.
Saudi minister of industry and mineral resources Bandar Al-Khorayef told the South China Morning Post this week that Riyadh is ready to “do what’s in its best interest” and “try new things,” including as far as the use of the petroyuan in settlements for crude oil are concerned.
The comments, made on the eve of Chinese Premier Li Qiang’s trip to Saudi Arabia and the UAE starting Wednesday to discuss expanded cooperation with the oil rich Gulf kingdoms, signal a "new dawn" in relations between China and Gulf powers, Dr. Wang Zhimin, director of the Institute of Globalization at China’s University of International Business and Economics, told Sputnik.
“In energy cooperation between China and the Middle East, settlements using the yuan have become an important topic. The expansion of the use of the currency in settlements for energy transactions is a gradual and long-term process that requires step-by-step reforms, opening up, and natural market selection. In addition, given the relationship with the United States, the process of using the yuan to settle cross-border oil transactions by countries such as Saudi Arabia may encounter certain difficulties,” Wang said, pointing to US efforts to shore up the petrodollar as Washington’s global economic hegemony fades.
Pointing to the trend of “dedollarization” in China-Middle East trade, Wang cited the currency swap agreement reached between Beijing and Riyadh last year, and interest in using the yuan for oil payments as a reflection of a “growing trend of diversification of the international monetary system, including the decline of the dollar’s share in international payments.”
Russian economist Nikita Maslennikov says the petroyuan has good prospects as a major alternative to the petrodollar, which could leave it accounting for up to 8% of global transactions by 2030, notwithstanding “strong pressure, including political pressure, from other market players," and other factors.
“Sooner or later a single BRICS settlement system will emerge, and Saudi Arabia is also going to be part of it,” Maslennikov said, noting that it’s “extremely difficult” to predict the future status of the petroyuan amid plans by some countries to forge ahead with an “energy transition,” and take other steps, like launching digital currencies, which could lead “to a significant adjustment of settlements in national currencies.”......more below
In a development that has sent shockwaves through the global military community, Iranian armed forces on Thursday successfully targeted a US Air Force F-35 Lightning II, one of the world's most advanced stealth fighter jets.
It marks a potential turning point in modern aerial warfare and has sparked intense debate about the viability of stealth technology against determined, innovative opponents.
According to military pundits, it’s the first time ever that an F-35 jet has been struck.
The first reports emerged from an open source account, which said an F-35A/B Lightning II had “made an emergency landing” after being hit by an Iranian surface-to-air fire.
“We are aware of reports that a U.S. F-35 aircraft conducted an emergency landing at a regional U.S airbase after flying a combat mission over Iran,” Navy Capt. Tim Hawkins of CENTCOM later said in a statement to Military Times.
Social media has been abuzz with reactions to the major development, which has shaken the ...
Iran has obtained authentic information indicating that the United States and Israeli regime seek to announce a temporary ceasefire in the war with Iran in order to buy time, a report says.
Iran's Jamaran news website reported on Friday that the US-Israeli intention for a one- or two-day ceasefire aims to complete a plan to launch an attack on the southern parts of Iran.
“However, Iran has maintained almost complete dominance over the enemy’s sky and space,” it added.
“The least stop in Iran’s effective attacks on this geography can make it possible for the enemy to reconstruct its radars and defensive [systems] in the occupied territories and US bases in the region,” the report emphasized.
According to the report, the balance of power has changed over the past 48 hours after the striking of an American F-35 stealth fighter by Iranian forces, continuation of the Strait of Hormuz closure and high oil prices.
The enemies have considered all these factors in the ceasefire ...
Iran's Foreign Minister Abbas Araghchi has warned that the Islamic Republic will show "ZERO restraint" if its infrastructure is attacked.
"We have intelligence on Israeli plans to strike infrastructure. Once again: ZERO restraint if our infrastructure is attacked," Araghchi wrote in a post on X on Friday.
"We are men and women of principles. Iranians do not sneak attack adversaries while engaged in dialogue. Only when attacked do we powerfully respond," he added.
The warning came as the US and Israel started a fresh round of aerial aggression on Iran on February 28, some eight months after they carried out unprovoked attacks on the country.
Earlier this week, the invading coalition targeted Iran's main gas field, South Pars, in a major escalation. Tehran swiftly responded by targeting Qatar's Ras ......more below
