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New Metals Sanctions Push Russia Further Into China's Embrace.
In: Bloomberg.com, 2024-04-16, S. N.PAG
Online
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Zugriff:
US and UK sanctions on Russian metals will likely increase China's imports of key commodities and solidify Shanghai's role as a global price-setting venue. The London Metal Exchange's ban on newly produced Russian aluminum, copper, and nickel will drive Chinese imports even higher, as the Shanghai Futures Exchange remains the only major commodities bourse accepting Russian shipments of these metals. China's strategic alliance with Russia has allowed Chinese importers to pay in yuan and bypass the dollar, helping China maintain its position as the world's biggest commodities buyer and advance its goal of challenging the dollar as the world's reserve currency. However, the increase in Russian supplies comes at a time when China's economy is sluggish, posing challenges for Chinese metals traders. The discrepancy in price increases between London and Shanghai metals may make Russian metal priced in yuan more attractive to Chinese importers. [Extracted from the article]
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New Metals Sanctions Push Russia Further Into China's Embrace.
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Autor/in / Beteiligte Person: | Cang, Alfred |
Zeitschrift: | Bloomberg.com, 2024-04-16, S. N.PAG |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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