🇸🇦🛢🤝💰🇨🇳 — 🏴 ZeroHedge | Is Saudi Arabia Selling Oil To China For Gold? | April 25, 2023:

"Rumors are making rounds that Saudi Arabia is selling oil for yuan, which it converts into gold on the Shanghai International Gold Exchange (SGEI). Such a development would make sense as large parts of the world want to de-dollarize, but the renminbi is not suitable to be used as a reserve currency. China has a closed capital account and a weak rule of law. Not using the dollar could be done by using the renminbi as a trade currency and converting yuan revenue into gold on the SGEI. If the rumor is true, Saudi Arabia is buying 1 Kg bars as there is virtually no trading in 12.5 Kg bars on the SGEI. The benefit of 1 Kg bars is that they are more fitting for fully allocated trading.

The SGEI was set up in 2014 for foreigners to access gold trading on the Shanghai Gold Exchange Main Board in the Chinese domestic gold market and trading on the International Board in the Shanghai Free Trade Zone (SFTZ). Foreigner entities can’t load-in and load-out gold into and from Main Board certified vaults, but they can load-in and load-out gold into and from International Board certified vaults (and thus import into and export from the SFTZ).

The objective of the International Board is to facilitate “offshore” gold trading in renminbi in the SFTZ, which has almost no effect on China’s current account. This is comparable to offshore gold trading in US dollars in London (offshore dollars pricing internationally traded commodities). Through the SGEI China wants to increase the role of the renminbi in the global economy."

#Geoeconomics

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