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HSBC move makes Chinese Yuan “more tradable”

March 30, 2011
WSJ

 

 HSBC move makes Chinese Yuan “more tradable”: Hongkong and Shanghai Banking Corp has launched an offshore currency index for the Chinese renminbi yuan which, while only a microfraction of current global foreign exchange trade volume, certainly makes the yuan “more tradeable.” It also is a step that strengthens confidence in the yuan as an international trading medium. http://blogs.wsj.com/exchange/2011/03/30/hsbc-launches-offshore-yuan-index/



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Where’s Venezuela’s Oil Going?

March 30, 2011
WSJ & NYT

The Wall Street  Journal says Venezuela will find it hard to sell 1 million barrels a day of crude oil to China – half its production – in exchange for $20 billion in Chinese development financing. Venezuelan crude is heavy and difficult to refine, and a Wikileaks cable from last year suggests China could be getting it for as little as $5 a barrel. Last year, the NYTimes (http://www.nytimes.com/2010/04/19/world/americas/19venez.html) reported that China was buying 460,000 bbd from Venezuela, but only 132,000 bbd were actually refined in China.



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