Gold will be instrumental in China's plan to create an international oil/renminbi market - BNP Paribas

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Gold will be instrumental in China's plan to create an international oil/renminbi market - BNP Paribas oilrenminbimarket BNPParibas gold

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Saudi Crown Prince Mohammed bin Salman heralded the talks as a"historic new phase of relations with China." Lo added that backing a renminbi-oil trade with gold will be instrumental in building its petro-yuan system. He noted that because of Western economic sanctions, led by the U.S., Russia has adopted China's CIPS for its oil trades, bypassing the U.S. Dollar-dominated SWIFT global payments system.

 

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