Russia's top diplomat starts China visit with call to reduce U.S. dollar use

[Indos]

East Asia is anti-religious fanatism,no matter what the religion is,it will never back anything based on a concept of religion. East Asia ,Europe,India would never back a currency of Islam based bloc,,last thing they want is any religious element gaining foothold in world financial order.

 

[Leishangthem]

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We all know Christianity & Islam doesn't stand on the same footing in this world perspective;
The western propaganda institutions has managed to romanticize Christianity in such a way that Christmas is deemed a global festival,and a total contrast to anything related to Islam,imagine Japanese celebrating Muhurram like they do Christmas.

Regardless,Dollar wasn't made based on a concept of "religious bloc" ,it's the currency of one single nation,even chinese /indian currency also has religious "imprints" based on various religion of the communities for the said nation,but that's very different than backing a bloc based on religion.

 

[KurtisBrian]

De dollarisation cannot be done in a single day. We have seen USD percentage shrinking globally everyday gradually.

I think the Russian has reached a point, they are willing to accept more RMB as the main dollar for their international transaction.

Maybe
High finance and diplomacy (trickery, I guess) are not really Russian strong points. Whichever way they go between the USD and RMD they will lose. Putin is one sharp cookie that is why he said, "Russia is part of Europe." He knows Russia's best future lays with joining the EU (an EU without the UK) and the Euro. Both would be much better off provided Russians could change some of their ways but only some since the EU could use a bit of that Russian stubborn, dour, unyielding toughness too.

 

[antonius123]

Nope, Dinar currency will likely be created because of consensus among Muslim countries like how European countries make Euro. Similarity in culture and brotherhood is the main reason this currency can be acceptable and used by all Muslim countries. Yuan doesnt have this important factor. The broad use of the currency by Muslim countries then could prompt other country use the currency as well, similar like how Euro has become important currency in world trade beside USD.

Any way, there is no incentive in using Yuan since most Muslim countries and other countries have trade deficit with China.

I also would not call this currency as Dinar as Dinar is based on Gold, this currency should only be based on market system and trust so the central bank doesnt need to back it up with gold or other commodities. All currencies in the world has been under market system and not backed by Gold or other commodities anymore.

But Dinar if created will prevail only within middle eastern country; it cannot beat Yuan in international trade, because China's trading volume with other countries is still bigger than whole middle eastern trading volume with other countries combined. That means for countries other than middle eastern ones: keeping Yuan in reserve will give more incentive rather than Dinar.

 

[Beast]

The energy commodities are in majority in the hands of Muslim nations and it is not only about the economic power since it is useless if China promote Yuan if no one wants to use it. Muslim countries are many so if they can make a consensus to use Muslim currency among their trade to each other, so the number of countries who are using it will be quite many, more than European currency.

Then it will only be powerful enough to start challenging USD if China also uses Muslim currency to trade with Muslim countries.

I already explain. Why wouldnt nobody used it? China is world factory. You use rmb to exchange with Chinese goods. China will one day demanded all Chinese goods to be paid in rmb. Nobody can manufacture better value products than China. Your HSR build in indonesia can also be paid to China in rmb, bypassing USD.

Oil is in decline. That is why arabs countries are getting weaker and weaker. They are already solar, wind, nuclear and even coal. With arriving of electric car in mass. It will mark the end of oil industries.

 

[bshifter]

I already explain. Why wouldnt nobody used it? China is world factory. You use rmb to exchange with Chinese goods. China will one day demanded all Chinese goods to be paid in rmb. Nobody can manufacture better value products than China. Your HSR build in indonesia can also be paid to China in rmb, bypassing USD.

Oil is in decline. That is why arabs countries are getting weaker and weaker. They are already solar, wind, nuclear and even coal. With arriving of electric car in mass. It will mark the end of oil industries.

Straight to the point, being the world factory trade volume has to be extremely huge. Even when labor costs rise, going robotics with the already present infrastructure in place it is still cheaper and better to have the products (especially hi tech) manufactured inside China. Oil is no longer the black gold as it used to be, the Dinar could have become big if all Muslim countries were united decades ago like in the 80s/90s. If the US at that time wanted to declare war it would have to fight all the Muslim countries in the Middle East which would be suicidal. Saddam wanted Euro for its oil and paid the price for it. Gaddafi wanted a different currency and Libya joined the fate of Iraq.
To this day Saudi Arabia isn't thinking about it either unless it wishes to join these two demolished countries.
Renewable energy is increasingly becoming more popular so are electric cars. The Muslim countries in the Middle East had a chance but blew it.