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Iran has asked India to pay for oil partly in yen as the two nations seek an agreement on how to maintain trade amid tightening global sanctions, according to three people with knowledge of the matter.
Wen was plainly dismissive about Western media reports that he was scouting for GCC oil to replace Iranian oil. "Some people think I have come for the oil. I think they are too narrow-minded. It should be said that I have come for the friendship. The biggest harvest of my trip is the enhanced mutual political trust."
Simply put, the UAE and Qatar are creating a cushion from exchange rate volatility. But the geopolitical reality is also that the renminbi will look great sitting in their vaults. The big question is when Saudi Arabia might make its move.
Originally posted by Pervius
Saudi Arabia unplugged their Riyal from our Dollar and also said they were no longer accepting US Dollars for oil.
Originally posted by 1947flxible
reply to post by Jakes51
Here are some links to others reporting this,
Being a ‘Settlement’ currency is not quite the same as being a ‘Reserve Currency’ like the dollar, but it a major step in that direction. It is, in fact, a very large step. Which currency large international trades are done in matters. It is a fact that in 2000, Iraq signed an agreement to sell its oil, all its oil, in Euros. Iran was contemplating doing the same at around the same time. The Iraq decision involved the large French bank PNB-Paribas. France was not one of those who supported the war and Washington led a hate campaign vilifying the French. The worry was that a switch from dollar to Euro settlement might gain momentum. Any major move away from dollar settlement would cripple the US.
In January of this year the India Times reported that India was talking to Iran about moving out of dollar settlements so as to be able to buy Iranian oil despite a US embargo. India said it was discussing settling in Gold. Remember, India has just signed a settlement agreement with China to use the Yuan.