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Reader says, "Not true"!! China is at least 10 years from having a large and liquid enough sovereign bond market to compete with treasuries
Posted By: RumorMail Date: Wednesday, 13-Jan-2021 05:52:41
www.rumormill.news/93531
In Response To: CGI's Liam77: China Officially Starts the Dumping of the Petrodollar (RumorMail)
TY for your insightful response. I'm sure Liam77 will see it on here.
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Re: CGI's Liam77: China Officially Starts the ....
Not true! Read the terms and conditions to trade. It must be done in the yuan but traders may use foreign currencies to meets margin requirements. This is not a physical crude market but futures and like all futures are used to hedge. Chinese oil firms will use Chinese banks to buy hedges for them using put options in case price falls. These are for financial protection.
The petrodollar has become meaningless in the Middle East and was used to flood the international markets with dollars and treasuries and this was firmly accomplished decades ago. Since early 2017 China has been buying billions monthly in treasuries and now has over $1.2 trillion. Russia now has over $100 billion. The last thing these two want is to have these assets fall in value.
Countries do not like to hold large amounts of foreign currencies as they pay no interest and are forced to buy treasuries. China is at least 10 years from having a large and liquid enough sovereign bond market to compete with treasuries. Europe has no federalized bond market backed by all member countries so that leaves treasuries as the only game in town.
Another factor is that the US is now a major oil producing country and just passed the Saudis. They have much more reserves than actually stated always promoting the concept of scarcity to keep prices high. Canada exports to the US over 3 times the amount than the Saudis all sold in dollars as most crude is around the planet. The simple fact is countries want dollars because they are easily invested in international markets but other currencies are not. If you look at central bank holdings of the yuan it has gone down every year for a number of years.
It is so evident these people have no experience in trading any financial market buy read crap on the net and pass it on as there own.
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Articles In This Thread
- CGI's Liam77: China Officially Starts the Dumping of the Petrodollar
RumorMail -- Wednesday, 13-Jan-2021 05:52:40
- Reader says, "Not true"!! China is at least 10 years from having a large and liquid enough sovereign bond market to compete with treasuries
RumorMail -- Wednesday, 13-Jan-2021 05:52:41
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