Weka posted:

they are scared because America no longer raping the world means they, or more likely their children or grandchildren, may have to get a real job.

fanfic insert posted:

Got some good news about that


there wont be any jobs

Maximo Roboto posted:

https://twitter.com/revhowardarson/status/1697010129668067382?s=46

quote:

Turkish President Recep Tayyip Erdogan has underscored the importance of switching to national currencies in bilateral trade with Russia. He made these comments during his meeting with Russian President Vladimir Putin in Sochi on Monday.

“I believe that the fact that the heads of our central banks will meet here today is important from the point of view of a step towards the transition to national currencies in bilateral relations between us,” the Turkish president stated.

Majorian posted:

"Please don't coup me again!"

And really, who could blame him? I'd prefer not to be couped myself.

quote:

The Chinese central government has pushed for the broader international use of its currency for years, including as part of its 14th five-year plan announcement in 2021. With Chinese imports growing to more than 70% of the seaborne iron ore market in 2021, the world's four largest iron ore producers established trading subsidiaries in China to directly sell yuan-denominated products to port markets. Russian companies, subject to sanctions after the invasion of Ukraine, started selling coking coal to China in yuan.

Mongolian mining companies have settled some coal sales in yuan, with some of the revenue applied toward expenses for infrastructure projects, an industry source said. And even Saudi Arabia, the world's top crude oil exporter, is in active talks with Beijing to price some of its oil sales to China in yuan.

---

In July, Australia's BHP Group Ltd. became the last of the top-four iron ore producers to set up a trading arm in China to directly sell yuan-denominated products in spot markets, following Rio Tinto Group, Vale SA and Fortescue Metals Group Ltd. And China's Baoshan Iron & Steel Co. Ltd., the world's largest steelmaker, plans to increase yuan settlement for iron ore imports to 10% in 2022 from 6% in 2021, the company said on the Shanghai Stock Exchange website in March.

Australian miner Fortescue, which generated 90% of its revenue from China in 2021 and 2020, established a wholly owned Chinese sales entity in 2019, known as FMG Trading Shanghai, with the intent to sell yuan-denominated iron ore direct to customers from Chinese ports. Since then, over 32 million tonnes of iron ore have been transacted through the entity.

---

What matters most is how to price iron ore.

Chinese companies are still using the U.S.-denominated Platts Iron Ore Index to price long-term contracts, which are accepted by steelmakers, traders and especially iron ore suppliers, Shanghai Metals Market's Xie said. The index is a benchmark assessment of the spot price of physical iron ore by S&P Global Commodity Insights.

Chinese iron ore futures might become an alternative.

In November 2019, Vale signed a physical iron ore spot deal to supply Shandong Laigang Yongfeng Steel Corp. using the iron ore futures price from the Dalian Commodity Exchange as the pricing benchmark. In the past two years, the "basis trading" contracts are accepted by domestic trade between top traders and steelmakers in developed regions such as Shanghai, Jiangsu province and Rizhao port in Shandong, Xie said. Basis trading prices are less volatile compared with U.S. dollar-denominated seaborne prices.

quote:

Iraq has announced that it will finance its imports from China in yuan for the first time, a move aimed at coping with its dollar shortage and seen as a potential step for the internationalization of the Chinese currency, Reuters reported on Wednesday.

The use of the yuan in international trade has seen steady progress in recent years.

The People's Bank of China, the central bank, has on Tuesday appointed a clearing bank for yuan's settlement in Brazil.

crepeface posted:

https://www.globaltimes.cn/page/202...on%20Wednesday.

crepeface posted:

https://www.globaltimes.cn/page/202...on%20Wednesday.

stephenthinkpad posted:

Does anyone remember one of the reasons Saddam got the full force of US fire power because he tried to switch from USD to Euro to sell oil? Poor guy just moved maybe 10 years too early. If he just hunker down in the 00s, he could be still alive and partying with MBS and Assad right now.

Grapplejack posted:

What's the investment in Tibet look like nowadays anyway? People talk about xinjiang because of the push but I don't think anyone gives a poo poo about Tibet anymore so I don't know what it looks like there

The Voice of Labor posted:

gbs should not be allowed to have a china thread

Lib and let die posted:

crepeface posted:

pretty detailed breakdown. some stuff in here about :

• russia's recent economic forum
  
• NATO vs BRICS economies
  
• BRICS bank still giving out too many loans in US $
  
• currency that can buy only certain goods as a intermediate process to de-dollarisation
  
• national digital cryptocurrencies
  
• imf and neo-colonism
  
• BRI and the pakistan coup
  

https://www.youtube.com/watch?v=IJSzHN71Qj8

crepeface posted:

does de-euroisation count?

https://twitter.com/ElysiusThor/status/1715496223120237054?s=20

crepeface posted:

does de-euroisation count?

https://twitter.com/ElysiusThor/status/1715496223120237054?s=20

Lostconfused posted:

Looks like this says more about Euro than Yuan.

Namely Euros should just start using dollars like proper colonies of America.

Real hurthling! posted:

the euro is dumb. gently caress it.

Truga posted:

my opinion of euros is insanely bad purely because i never, ever had to use coins before we switched to euros, we just used really cheap and lovely paper bills for everything and it was so much easier paying for poo poo when you didn't have to sort through the goddamn coin purse


now i avoid cash like the plague, doesn't matter what you try to do with it, it'll result in dealing with a shitload of tiny loving coins, like you're sorting through legos or something

Truga posted:

my opinion of euros is insanely bad purely because i never, ever had to use coins before we switched to euros, we just used really cheap and lovely paper bills for everything and it was so much easier paying for poo poo when you didn't have to sort through the goddamn coin purse


now i avoid cash like the plague, doesn't matter what you try to do with it, it'll result in dealing with a shitload of tiny loving coins, like you're sorting through legos or something

Cerebral Bore posted:

lemme tell ya, this drat economy is de-dollarizing my wallet

the WSJ posted:

Private consumption has declined by about 1% in the 20-nation eurozone since the end of 2019 after adjusting for inflation, according to the Organization for Economic Cooperation and Development, a Paris-based club of mainly wealthy countries. In the U.S., where households enjoy a strong labor market and rising incomes, it has increased by nearly 9%. The European Union now accounts for about 18% of all global consumption spending, compared with 28% for America. Fifteen years ago, the EU and the U.S. each represented about a quarter of that total.
Adjusted for inflation and purchasing power, wages have declined by about 3% since 2019 in Germany, by 3.5% in Italy and Spain and by 6% in Greece. Real wages in the U.S. have increased by about 6% over the same period, according to OECD data.