Nevertheless, Russia faces several hurdles in its quest for a petroyuan. One problem is developing a payment process that efficiently operates outside of the dollar-denominated SWIFT system.

(MENAFN) As discussions loom regarding the potential international adoption of the petroyuan, particularly among BRICS nations, experts caution that any shift away from the US dollar's dominance ...

Unlike the Brics summit in Johannesburg in 2023, which was waved off by western observers as no real threat to the dollar, October’s summit in Kazan, Russia is set to be ground-breaking for two ...

Saudi Arabia can utilise petroyuan to pay for Chinese engineering and construction services in the Kingdom or invest in firms or projects in China, S&P Global said in a new report. The strengthening ...

The much-awaited petroyuan has so far been just a myth, even though some dollar-starved importers like Pakistan are keen to pay for Russian crude in the Chinese currency.

The US dollar’s hegemony, which is based on the currency’s dominant role in fundraising and international commerce, is unlikely to be challenged by the proposed petroyuan or a common currency ...

Did you know that central banks bought more gold last year than any year in the past 55 years—since 1967? Though most don’t realize it, 1967 was a significant year in financial history, mainly ...

However, in 1967 the London Gold Pool collapsed due to a shortage of gold and increased demand for the metal. That’s because European central banks bought massive amounts of gold as they began to ...