China setting new world energy order

Beijing’s cooperation with the Gulf states marks the emergence of the petroyuan, Credit Suisse says The global energy order is being reshaped as deepening energy ties between China and the Middle East signifies the rise of the petroyuan, which could challenge the petrodollar, the Financial Times reported on Wednesday, citing Credit Suisse analyst Zoltan Pozsar. According to Pozsar, China has been boosting purchases of crude and liquefied natural gas (LNG) from Iran, Venezuela, Russia, and some African nations using its national currency. However, President Xi Jinping’s meeting with the member states of the Gulf Co

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