Why Modi government is internationalising Chinese Yuan by paying for Russian oil imports in it, asks Congress

[protean]

Well. So India uses Chinese yuan to buy oil... Because no country wants Indian waste paper.

India does what is in its interest. Even if it means paying with Yuan. Our congress party is filled with dumbos like its leader. So don't worry, Modi is not petty.

 

[GreatHanWarrior]

India does what is in its interest. Even if it means paying with Yuan. Our congress party is filled with dumbos like its leader. So don't worry, Modi is not petty.

Well. Don't worry. Putin just doesn't want Indian waste paper. But he still loves India.

 

[ProudThamizhan]

Well. So India uses Chinese yuan to buy oil... Because no country wants Indian waste paper.

As I explained in very simple terms (may be read slowly this time): Xi's dumb zero-covid fiasco weakened the RMNB; so India which has a lot of USD buys a lot more RMNB for the same number of USD and then uses that weaker RMNB to pay for oil. It's all dolla dolla. yuan no good. dolla good

 

[GreatHanWarrior]

As I explained in very simple terms (may be read slowly this time): Xi's dumb zero-covid fiasco weakened the RMNB; so India which has a lot of USD buys a lot more RMNB for the same number of USD and then uses that weaker RMNB to pay for oil. It's all dolla dolla. yuan no good. dolla good

well. this is also why Putin only allows India to buy oil with Chinese yuan. Because Putin doesn't need Indian waste paper.

 

[ProudThamizhan]

well. this is also why Putin only allows India to buy oil with Chinese yuan. Because Putin doesn't need Indian waste paper.

Putin came begging for India to buy Russian oil, or may be you forgot.
Anyway, how many times can I explain the same thing to you !
Because of Xi's fiasco covid strategy Chinese currency lost a lot of value and became cheap; Since India has a lot of USD they bought the cheap yuan and used it for oil. Simple

 

[GreatHanWarrior]

Putin came begging for India to buy Russian oil, or may be you forgot.
Anyway, how many times can I explain the same thing to you !
Because of Xi's fiasco covid strategy Chinese currency lost a lot of value and became cheap; Since India has a lot of USD they bought the cheap yuan and used it for oil. Simple

You must know one thing. Modi wants to use rupees to buy Russian oil. But was rejected by Putin. This is Putin asking India to use Yuan to trade~ not Modi wants to use Yuan to trade.

Indians must obey Russian orders! It's difficult for you to understand?

 

[ProudThamizhan]

You must know one thing. Modi wants to use rupees to buy Russian oil. But was rejected by Putin. This is Putin asking India to use Yuan to trade~ not Modi wants to use Yuan to trade.

Indians must obey Russian orders! It's difficult for you to understand?

obviously you being CCP you will believe everything upside down.
Xi screwed China, crashed its currency and India is glad to exploit that. simple

 

[GreatHanWarrior]

obviously you being CCP you will believe everything upside down.
Xi screwed China, crashed its currency and India is glad to exploit that. simple

Obviously. The dirty genes of Indians are only suitable for lying.

Russia wants to settle its trade in yuan—and India is running out of options

India’s efforts to internationalize the rupee have stalled following the failure of its negotiations to use it to trade with Russia.

www.google.co.jp

Russia and India reportedly halt talks over using rupees for trade, with Moscow preferring to be paid in Chinese yuan

Russia and India ending rupee talks deals a blow to Indian importers of cheap Russian oil and coal, Reuters reported.

www.google.co.jp

Look clearly. Russia ordered India to use Yuan to buy its oil. No one wants Indian waste paper.

 

[buntalanlucu]

The primary reason is economics , India's Rupee is totally useless for Russia because there is no indian goods they want to buy. Either India pay with Yuan or pay with gold. This just transaction agreement between 2 parties and nothing more to it.

 

[ST1976]

Synopsis
Speaking at a press conference here, Congress spokesperson Gourav Vallabh said India is importing 42 per cent of its total oil requirement from Russia by paying in Chinese Yuan and in a way is promoting the currency of the country "

"In the year 2020-21, we bought oil worth Rs 7,000 crore from Russia, now we are buying oil worth Rs 89,000 crore in 2022-23. This figure increased by more than 300 per cent from that in 2021-22," Vallabh said.

Why Modi government is internationalising Chinese Yuan by paying for Russian oil imports in it, asks Congress

Speaking at a press conference here, Congress spokesperson Gourav Vallabh said India is importing 42 per cent of its total oil requirement from Russia by paying in Chinese Yuan and in a way is promoting the currency of the country "which is occupying our territory, killing our soldiers and...

m.economictimes.com

i think we may consider Chinese Yuan as BRICS currency, straight away. China has enough foreign reserve to defend Yuan, its deserving, and hence we now has the BRICS currency, the Yuan

 

[ST1976]

India does what is in its interest. Even if it means paying with Yuan. Our congress party is filled with dumbos like its leader. So don't worry, Modi is not petty.

ask them, " whats US$? how it help us?"
while Oil worth at least above 7000crore from Russia in Yuan help us. this may be considered oil for government agencies, industries, the needed time oil from Russia in BRICS currency Yuan.

 

[ST1976]

Chinese yuan beats Euro, is 2nd most used currency in global payments system SWIFT, reflecting China's growing economic power​

As of September 2023, the yuan accounted for 5.8% of international payments, up from 4.82% in August, which is the highest share the Chinese currency has held in the last five years, according to SWIFT system data.​

The rise of the yuan in international trade settlements is seen as a reflection of China's growing economic power. (Photo: Reuters)

Oct 21, 2023 11:31 IST
The Chinese yuan has surpassed the euro to become the world's second-most used currency in SWIFT trade settlements, according to data from the international SWIFT system. This marks a significant milestone in China's efforts to internationalise its currency.

As of September 2023, the yuan accounted for 5.8% of international payments, up from 4.82% in August. This is the highest share the yuan has held in the last five years. Despite this increase, the US dollar remains the dominant currency in global trade, with an 84.15% share in September, a slight increase from 83.95% in August.

The euro now ranks third in international payments, with its share decreasing to 5.43% in September from 6.43% in August. The Japanese yen and the Saudi rial follow, ranking fourth and fifth, respectively.

This development comes as China continues to expand its economic influence globally. Despite the yuan's share of global payments remaining small compared to the size of China's economy, it has seen a steady increase from 1.81% about five years ago.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a Belgian cooperative society that provides services related to the execution of financial transactions and payments between banks worldwide. The US dollar and the euro have traditionally dominated SWIFT payments, making up more than seven out of 10 payments in 2023.

The rise of the yuan in international trade settlements is seen as a reflection of China's growing economic power and its efforts to make the yuan a global reserve currency. However, the yuan's share is still negligible compared to the dollar's 46.6%.

China introduced the yuan as its currency system in the late 1800s, and it has had a currency peg since 1994. This peg, along with China's robust export economy, has helped the yuan gain traction in global trade.

The recent data from SWIFT indicates a shift in the global financial landscape, with the yuan's growing prominence signalling China's increasing role in international trade and finance.

Chinese yuan beats Euro, is 2nd most used currency in global payments system SWIFT

As of September 2023, the yuan accounted for 5.8% of international payments, up from 4.82% in August, which is the highest share the Chinese currency has held in the last five years, according to SWIFT system data.

www.indiatoday.in

 

[ST1976]

India's import of cheap Russian oil scaled another record in May, 2023 and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the U.S., industry data showed.

Russia now makes up for nearly 42% of all crude oil India imported in May, 2023. This is the highest share for an individual country in recent years.

https://www.thehindu.com/news/national/indias-import-of-russian-oil-scales-new-high-in-may/article66930404.ece

 

[ST1976]

Russia makes up 40% of Indian oil imports, dents OPEC's share​

October 20, 2023

India imported on average 1.76 million barrels per day (bpd) of Russian oil from April to September, or the first half of fiscal 2023/2024, more than double the about 780,000 bpd in the same year-ago period, tanker data from industry sources showed.

India's imports from Iraq and Saudi Arabia fell by 12% and about 23% to 928,000 bpd and 607,500 bpd, respectively, during the April-September period, the data showed.

Russia makes up 40% of Indian oil imports, dents OPEC's share

The share of Russian oil in India's overall imports rose to about two-fifths in the first half of fiscal 2023/24, consolidating Moscow's position as the top supplier as refiners curbed purchase from the Middle East, industry data showed.

www.reuters.com

 

[ST1976]

double post