China looks to weaken US dollar with petroyuan as oil producers rally to Beijing, and Russia has 'become an Asian nation,' analyst says

Jan 8 2023 by Business Insider

 
Russian President Vladimir Putin and Chinese President Xi Jinping.

Photo by ALEXEI DRUZHININ/Sputnik/AFP via Getty Images

Russia's war on Ukraine triggered a larger embrace of the yuan for oil sales which could shift the crude market.  Kpler lead crude analyst Viktor Katona told Insider that Russia has essentially "become an Asian nation." The birth of a so-called petroyuan could spread across Asia for crude transactions, he added. 

While the dollar will likely remain the dominant global...

Continue Reading China looks to weaken US dollar with petroyuan as oil producers rally to Beijing, and Russia has 'become an Asian nation,' analyst says