China has just completed its first trade of liquefied natural gas (LNG) settled in Chinese yuan currency, the Shanghai Petroleum and Natural Gas Exchange confirmed.
Chinese state oil and gas giant CNOOC and TotalEnergies completed the first LNG trade on the exchange with settlement in the Chinese currency, the exchange said in their statement.
The trade involved around 65,000 tons of LNG imported from the United Arab Emirates, the Shanghai Petroleum and Natural Gas Exchange added.
NOTE: China will never admit that it is re-exporting Russian LNG even though it now does it all the time!
The French supermajor, one of the world’s top LNG traders, confirmed to Reuters that the trade involved LNG imported from the UAE, but declined to comment further on the deal.
Hal Turner Commentary Opinion
So now our ally, France, is ditching the US dollar for fossil fuel trades. One by one, countries of the entire world seem to be giving-up on using the U.S. Dollar. Instead, countries are negotiating currency values between each other, then using local currency to settle trade deals.
This is the death knell for the USA.
As more and more countries use fewer and fewer dollars, all those excess dollars they've been holding in the central bank reserves, will end up coming back here to the United States because countries don't need (or want) them anymore.
As all that cash returns to America, the value of the US Dollar will plummet against foreign currencies.
Since the US doesn't manufacture much of anything here anymore, but instead imports from foreign countries, all the things we have to import will get more and more expensive as the dollar falls further and further in value. America will see inflation similar to what the Weimar Republic suffered before World War 2, with wheel barrows of cash needed to buy a loaf of bread.
All this is happening because our federal government is meddling in the affairs of so many foreign lands. If those foreign countries fail - or refuse -- to do what America wants, our federal government imposes economic sanctions, forbidding those countries from using "our" money for "their" trade.
In the past, economic sanction from the US would mean a country was literally cut off from most foreign markets because almost all foreign trade has always been settled in US dollars.
As countries see the US meddling, they're deciding they don't want to be pushed around by the US federal government. As such, they are negotiating trade deals with each other, to accept each other's currency, thus by-passing the US, and making it impossible for the US government to meddle with them.
As more and more countries do this, all those hundreds-of-billions of Dollars they all hold in the central banks, will come flooding back to the US and our inflation will break our country.
Our federal government is directly to blame for this.
When YOU cannot feed YOUR family because the money is so worthless, remember, it was YOUR member of the US Congress who did this. It was YOUR US Senators who did this.
As you watch your children suffering pains from hunger, hold those sniveling, lowly, government public servants accountable.
