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Venezuela is officially pricing its oil in Chinese Yuan

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posted on Sep, 19 2017 @ 03:40 PM
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Last week we learned that Venezuela was also making initiatives to splinter away from the USD in regards to their exchange rate.
Venezuela Is About To Ditch The Dollar In Major Blow To US: Here's Why It Matters

(zerohedge.com)-Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.

According to Reuters, Maduro was referring to Venezuela’s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.


Now it seems they are officially pricing their oil in Chinese Yuan in tandem with the Chinese doing the same on their futures funds.

Soren K. Group


MOSCOW (Sputnik) – Venezuela began publishing prices for its oil in Chinese yuan in a bid to avoid the US dollar and counter US sanctions, the country’s President Nicolas Maduro said.

“We are already pricing [oil] in Chinese yuan … because of the sanctions which were facilitated by [opposition politician] Julio Borges and which were adopted by [US President] Donald Trump. They have caused great damage … And we are forced to defend ourselves,” Maduro said Friday while aired by the Telesur broadcaster.

Maduro has already said in the past that Venezuela was going to free itself from the “vice of dollar.”

I guess the domino effect has begun.

Venezuela Begins Publishing Oil Basket Price In Yuan
by Tyler Durden
Two days after the WSJ confirmed Maduro's earlier threat that he would stop accepting US Dollars as payment for crude oil imports, Venezuela has done just that.

As a reminder, and as we reported previously, in an effort to circumvent U.S. sanctions, Venezuela told oil traders that it will no longer receive or send payments in dollars. As a result, oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros.

Furthermore, Venezuela's state oil company Petróleos de Venezuela SA, or PdVSA (whose bankruptcy is fast approaching), told its private joint venture partners to open accounts in euros and to convert existing cash holdings into Europe’s main currency, said one project partner. The new payment policy hasn’t been publicly announced, but Vice President Tareck El Aissami, who has been blacklisted by the U.S., said Friday, "To fight against the economic blockade there will be a basket of currencies to liberate us from the dollar."

Fast forward to today, when according to a statement on the Venezuela oil ministry, the country's weekly crude oil and petroleum basket "will be published in Chinese Yuan" - oddly, not in Euros as the WSJ hinted - going forward. We can only assume that Venezuela avoided the European currency on concerns that Brussels may follow in D.C.'s footsteps and impose financial sanctions on the Maduro regime next. Which meant that the only "safe" currency to transact in, was that of the country's two big sources of vendor (and commodity) financing: China and Russia. For now Venezuela has picked the former.




Brown matter, meet fan.
edit on 9-19-2017 by worldstarcountry because: (no reason given)




posted on Sep, 19 2017 @ 03:42 PM
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originally posted by: worldstarcountry
Venezuela is officially pricing its oil in Chinese Yuan...


...and it's totally meaningless, even to them:



The country's petroleum ministry listed the week's closing price per barrel at 306.26 yuan on its website, equivalent to $46.7, up from 300.91 yuan the week before.

But economist Cesar Aristimuno said the yuan figure had little meaning beyond reference value, "because at the end of the day, the market continues to be quoted in dollars." Source



posted on Sep, 19 2017 @ 03:45 PM
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a reply to: worldstarcountry

Petro dollar, ask libia how they are doing.



posted on Sep, 19 2017 @ 03:48 PM
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a reply to: AugustusMasonicus
ok well its meaningless then. Whoop whoop, carry on.



posted on Sep, 19 2017 @ 03:55 PM
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a reply to: worldstarcountry

It would appear there are a number of nations that are either jawboning about moving away from the dollar, or actually finding ways to subvert dollar hegemony



posted on Sep, 19 2017 @ 03:59 PM
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a reply to: worldstarcountry

The US will invade any day now!

As soon as the Chinese Yuan is allowed to float freely against the dollar, ALL our CEO jobs will be outsourced. Then the sons and daughters of privilege will have to grovel at the feet of the communist Chinese. The Chinese have an N word for white people, "gwai lo". It's a pejorative term meaning white ghost. The karmic debt will be paid by the gwai lo children of privilege will be groveling like dogs at the feet of their Chinese masters.



posted on Sep, 19 2017 @ 04:03 PM
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a reply to: worldstarcountry

Venezuela is effectively a Communist dictatorship.

This isn't surprising that they want to deal with China.



posted on Sep, 19 2017 @ 04:08 PM
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full retard?

2nd



posted on Sep, 19 2017 @ 04:11 PM
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a reply to: Metallicus
Venezuela also happens to be a very important exporter of oil. So does the Authoritarian Monarchy Dictatorship of the Kingdom of Saudi Arabia, a permanent and loyal ally of ours and Israel.

Hey, none of this is breaking news to me, Im just putting it out there as this for some strange reason that I am unable to even infer was as far as I know completely ignored by the domestic press from reporting to the masses. I guess it must be completely irrelevant though as already said previously, especially if the MSM does not broadcast it. Thankfully the MSM only provides us with the most important and relevant true stories now a days.



posted on Sep, 19 2017 @ 04:17 PM
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"Democracy" heading towards Venezuela as we speak !!




posted on Sep, 19 2017 @ 04:23 PM
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a reply to: worldstarcountry

Will be interesting to see what follows...

I predict some "advisors" and a dash of oligarchy...



posted on Sep, 19 2017 @ 04:28 PM
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I thought I read earlier that they'd switched to euros. did I misread? because I also remember them saying they were switching to yuan before I read anything about the euro.



posted on Sep, 19 2017 @ 04:39 PM
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That would then be a... Chinese Democracy?!

TEOT for the win! I would like to thank Guns and Roses...



 


On a serious note. Getting Americans interested in an economic discussion is like asking them geography questions! People would rather ignore it than open their mouth and prove that they have no clue how an economy works.

It is amazing how fast things deteriorated in Venezuela. From Hugo Chavez to violence in the streets between socialists. Why America basically blocked any chance at an economic recovery is interesting. Like there is not enough other things the US has to deal with in the world. But *shakes fist* "d@mn socialists!!" Even the oil reserves wont help them. Chinese futures, that is near suicidal. The end of the rope for a country.

Guess who the world will turn to to run in and clean the mess up? Then what? Does a puppet regime get set up? Get them back on the dollar? Who's to say the new regime won't be as the previous one? What a mess. And exactly the wrong guy in office to actually deal with this situation.

So we ignore it and hope everything will work out. Thanks MSM for ignoring this for us Americans!



posted on Sep, 19 2017 @ 04:42 PM
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a reply to: PolyCottonBlend

Last week WSJ was reporting Euros. Today they announced their oil futures in Chinese Yuan.



posted on Sep, 19 2017 @ 04:47 PM
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We'er going into ANWAR soon for our energy,screw them.
Their NEIGHBORS who are about to receive the refugees can ASK us first.



posted on Sep, 19 2017 @ 04:50 PM
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originally posted by: kelbtalfenek
a reply to: worldstarcountry

Will be interesting to see what follows...

I predict some "advisors" and a dash of oligarchy...


It's an established pattern and has worked splendidly in the past.



posted on Sep, 19 2017 @ 05:30 PM
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a reply to: olaru12

NAH ,it didn't work out so well with the SANDINISTAs, according to an operator I knew,wet options are old hat,these days and we don't spend that kind of money, the UN will help them.



posted on Sep, 19 2017 @ 06:47 PM
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originally posted by: FamCore
a reply to: worldstarcountry

It would appear there are a number of nations that are either jawboning about moving away from the dollar, or actually finding ways to subvert dollar hegemony


Yeah , SSDD



posted on Sep, 19 2017 @ 06:48 PM
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And further down the outhouse craphole they slide....



posted on Sep, 19 2017 @ 10:00 PM
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a reply to: dfnj2015

The U.S. will not invade. They can price oil in whatever they want. It does not matter. Either way oil is dying a slow death. China is already talking about banning petrol and diesel cars, in an attempt to move towards cleaner energy. Russia is a net producer of oil, are they going to sell it all to them ? Who is going to buy Venezuelan oil, in Yuan, Pezos, Dollars, or coke caps ?

This really means nothing IMHO.



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