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The Trade Between Sudan And China Is Expected To Get Rid Of Trade Intermediary Of The Dollar

According to Reuters, recently Sudan's central bank governor said that the country

was working with China to discuss and study with whether the Sudanese pounds and the RMB could replace the U.S. dollar in the trading between the two countries.

Ever since independence of the South Sudan in July, the Sudanese pound against the dollar on the black market has depreciated. Before splitting, the first major source of foreign exchange in Sudan was about 50 million barrels of oil per day, while the production of southern Sudan occupies about three-quarters of the production.

China has a large investment in South Sudan and in Sudan, including construction and oil field investment projects. Sudan's central bank governor Muhammad Haier Zubair told reporters: "We have made a formal request to China in the hope that we may trade with the Sudanese pound and the Yuan. Maybe some time later we will eventually no longer use the dollar. Actually the dollar now has been weak, and the situation is getting worse. He said that Sudan Central and China Central bank were discussing about this issue, but he did not disclose the timetable or other details of the arrangement.

He said: "We believe that China will soon become the world's number one economic power."


Last year, before Sudan has been split, it was Chinas sixth largest source of crude oil import with a supply of 12.6 million tons. China's largest supplier of of crude oil import is Saudi Arabia with the supply capacity of 44.6 million tons. Sudans proposal to China has nothing to do with the South Sudan. It can be said that the Chinese market depends on the oil producers a lot.

Although no detailed steps to carry out the proposal has been released to the public, this still indicated a kind of wish of get rid of the constraint of the dollar in the international trade. However, some experts maintain that Sudans proposal can not represent the international need and there is still a long way to go for the Chinese Yuan to act as the intermediary in the international trade. Up to now, the driving force of the Chinese economy has not been determined. As the real estate industry has been sluggish, the Beijing government needs to find new driving force for the development of its economy as soon as possible and this will also influence the role that the RMB plays in the global market.

by: jessicazheng
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