Alwaght- Venezuela has begun publishing the sale price of its crude oil in Chinese yuan rather than US dollar, as opposed to what is done in the global oil markets.
The country, holding largest proven oil reserve in world estimated at 300 billion barrels, made the move from dollar to yuan after US President Trump imposed sanctions on US citizens from buying new debt from Venezuela or from its state oil company
Venezuela President, Nicolas Maduro said the change in currency is a way to avoid US economic sanctions.
He stressed that the country’s move to use Chinese currency is to be free from the tyranny of the dollar.
In a statement by Venezuelan Oil Ministry, President Nicolás Maduro said decision was taken as part of "Dollar's tyranny" recovery plan. The statement included following statements: "This decision is a result of decision taken by Presidency on September 7th. Thus, Venezuela will be able to implement its new strategies freely from dollar's tyranny. "
China's largest oil importer in world has announced that it will use yuan contracts instead of dollars to be affected by US sanctions while buying oil.
According to Nikkei Asian Review China's September report, China's under-convertible yuan contracts will be opened to foreign investment funds, stock exchanges and oil companies in Shanghai and Hong Kong stock exchanges. China's yuan-based oil purchases, primarily from Russia and Iran, will also help those countries overcome sanctions imposed by United States in various areas.
