China looks to weaken US dollar with petroyuan as oil producers rally to Beijing, and Russia has 'become an Asian nation,' analyst says
While the dollar will likely remain the dominant global currency in the near future, the rise of a so-called petroyuan will gain momentum as China leverages its status as the world's biggest oil importer, analysts say.
As Western countries froze Russia's currency reserves and shunned its oil, Moscow embraced Asia as an alternative crude market and surpassed Saudi Arabia last year as China's top oil supplier. That's especially the case after the Federal Reserve's aggressive monetary tightening campaign sent the dollar soaring last year, he added. Because oil deals are largely priced in dollars, a rising greenback makes oil contracts more expensive.
That trip marked"the birth of the petroyuan," according to a recent note from Credit Suisse analyst Zoltan Pozsar, who said China wants to dedollarize parts of the world after the currency's dominant status was used against Russia.
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