Will President Joe Biden and the other eco zealots declare war on China? After the latest announcement from Beijing, it would not be surprising. The Ministry of Commerce issued a statement on July 2, announcing export controls on two rare earth metals: gallium and germanium, beginning on August 1. The purpose is to “safeguard national […]
China
Argentina ditches U.S. dollar, will pay for Chinese imports in yuan
The de-dollarization push continues. Argentina announced on Wednesday that it will begin to pay for Chinese imports in yuan instead of dollars. In response to the nation’s declining dollar reserves, Argentina will aim to pay approximately $1 billion of Chinese goods in yuan this month and then another $790 million a month in yuan moving […]
De-Dollarization: Bangladesh settles payment to Russia in Chinese yuan
In another case of de-dollarization, Bangladesh settled a loan from Russia in Chinese yuan. According to a new report from the Bloomberg, the Bangladesh government paid a $318 million Russian loan in Chinese yuan to avoid U.S. sanctions. Because of the Western-led sanctions imposed on Russia, it had been almost impossible for Bangladesh to make […]
Chinese GDP accelerates 4.5% in Q1, tops economists’ expectations
Have the rumors of China’s death been greatly exaggerated? Early data from China’s reopening are in, and the numbers topped expectations. The first quarter GDP growth rate surged 4.5% year-over-year, up from 2.9% in the fourth quarter and higher than economists’ expectations of 4%. On a quarter-over-quarter basis, the Q1 GDP rose 2.2%, up from […]
China settles first LNG trade in yuan
Is it us, or is the de-dollarization campaign kicking into overdrive? Whether it’s because China sees weakness in the current administration or they just want to ditch the buck as quickly as possible, it is evident that the world is shunning the buck. According to Reuters, Chinese national oil company CNOOC and France’s TotalEnergies completed […]