ロシアが米国財務省証券を4月に半減 金の保有を増やす: ずくなしの冷や水

2018年08月05日

ロシアが米国財務省証券を4月に半減 金の保有を増やす

※ 宇都宮一生 @kaz17272004氏の2018/8/5のツイート
米国の破綻は不可避http://tanakanews.com/180805japan.htm 中国がBRICSサミットでドル崩壊への準備加速をを決めたのと同時期に、日銀がQEを2020年まで続けることを決め、崩壊が不可避なドルの延命に邁進することにした。中国は賢い。日本は馬鹿だ

RT2018/6/21
Russia gets rid of US Treasury securities and buys gold
US sanctions have forced Russia to look at ways of securing its foreign reserves. In recent years, Moscow has increased purchases of physical gold and dramatically reduced its share of US debt bonds.

The political standoff started in 2014, shortly after the conflict in Ukraine and the referendum in Crimea in favor of joining Russia. Several rounds of US sanctions followed, with the latest affecting major Russian companies and individuals who run them.
In April, Russia sold half of its US sovereign debt bonds, getting rid of nearly $47 billion worth of securities, according to US Treasury data released last week. The sell-off is a signal that Russia’s financial regulators are diversifying the country’s foreign exchange reserves, say analysts at the Copenhagen-based Danske Bank.

“Some people ask whether the Russian Central Bank sold them to support the ruble in April, but it’s about changing allocation as reserves continue to grow,” Vladimir Miklashevsky, a senior economist at Danske Bank in Helsinki, told Bloomberg. “Rising US yields have fueled the sell-off.”

Russia sold more than any other major foreign holder of US debt – even as its reserves grew on the back of rising oil prices. The country’s current stake shrank by nearly four times against the hefty holding of more than $176 billion eight years ago.

According to the Central Bank of Russia (CBR), the country’s top controller of foreign exchange reserves, all kinds of risks, including financial, economic and geopolitical are factored when the reserves are allocated. “We pursue the policy of safe and diversified holdings,” CBR Governor Elvira Nabiullina said, commenting on the issue.

Meanwhile, Russia’s gold holdings have been steadily increasing, bringing its share of the precious metal to its highest level in nearly two decades. Last month, Russia’s gold holdings grew by one percent to 62 million troy ounces, worth $80.5 billion, according to the CBR. In May, Nabiullina said gold purchases helped to diversify reserves.

Russia fell to 22nd place on a list of major foreign holders of US securities. Moscow's big sell-off reportedly was not so crucial for the $14.9-trillion US Treasuries market. A bigger question is what happens to the US securities market if China decides to follow suit and pull out its $1.18 trillion holding.

“China could do the same if the trade war gets too bad,” Danske Bank's Miklashevsky said. “That tool has been used before. In Russia, it’s more about keeping the money safe from sanctions because they need it for a rainy day.”

RT2018/6/18
Russia holds less US debt than Bermuda after dumping half its holdings
Moscow will continue dumping US debt, according to analysts who spoke to RT. Latest US Treasury Department data shows Russia cut its holdings by half in April.

That month, Russia sold $47.4 billion out of the $96.1 billion held in March. The latest statistics released by the US Treasury on Friday showed that, Russia had only $48.7 billion investment in American debt, dropping from 16th to the 22nd place of major foreign holders of US T-bills. Russia now holds less US debt than Bermuda.

The sell-off should continue, since Russia and the US are barely trade partners, and Washington can always impose sanctions on the Russian holdings of its debt, Vladimir Rojankovski, investment analyst at Global FX said in a comment e-mailed to RT.

“In the era of sanctions investments in US Treasuries sooner or later can fall under sanctions. The volume of foreign trade with the US has only 3.5 percent share in Russia’s foreign trade. Countries usually hold bonds of their trading partners, so it is unreasonable to hold more than 10 percent of Russia’s foreign reserves in US Treasuries,” he said. Russian foreign reserves were $456 billion in May.

Since 2011, Russia has cut its holdings of US Treasuries by more than two-thirds, from over $150 billion to the current less than $50 billion.

Other countries are also slashing their investments in US debt. Turkey, which has been repatriating its gold from the US, has almost halved its US Treasury holdings from almost $62 billion in November to $38.2 billion in April.

Non-EU member Norway has cut its holding by 40 percent since September 2017, from $64.1 billion to $39.3 billion in April.

2018年05月06日
中国最大の石油企業がサウジ産原油の輸入削減
RT2018/5/5
China's top oil company Sinopec cuts Saudi crude imports
China’s Sinopec will cut its June imports of crude from Saudi Arabia by 40 percent for the second month in a row because of unjustified high prices, an official from the top Asian refiner, Unipec, told Reuters.

Saudi Arabia raised the price for its Arab Light to a four-year high, and according to the Unipec official, the grade is now considerably overvalued compared to other Middle Eastern crudes.

Last month, a Unipec official told Reuters, “Our refineries think these are unreasonable prices as they do not follow the pricing methodology.” Besides Sinopec, a source from another two refineries in northern Asia said they will be cutting their imports from Saudi Arabia by ten percent as oil buyers have a hard time grasping how the Kingdom is calculating the price for its most popular grade.

The price increase came as a surprise to the biggest market for crude in the world. However, it is likely that Sinopec will be penalized for the reduction as the usual sales contracts with Saudi Arabia are on a take-or-pay basis, with leeway of up to ten percent only.

Sinopec imported an average of 730,000 barrels per day (bpd) of Saudi crude during the first quarter, down from 845,000 bpd a year earlier, but imports by other state-owned refiners increased by 120,000 bpd, or 73 percent on an annual basis as they expanded their refining capacity.

This month, Sinopec will carry out regular maintenance across its refineries, so the lower import volumes will not urgently need a cheaper replacement, but the refineries will be back into normal operation by July, and will need more crude.

Saudi Arabia said last year it would reduce the amount of crude it exports to below seven million bpd, and last month the energy ministry reiterated that it is sticking to this target, which could explain the higher prices.

2018年01月05日
パキスタンが北京との投資と貿易で中国人民元を米ドルと同等な地位に引き上げ
RT2018/1/4
Pakistan brings Chinese yuan on par with US dollar for investment & trade with Beijing
Pakistani companies have been given a green light to use the Chinese yuan in trade with Beijing, which could potentially sideline the US dollar and other currencies used there. The move coincides with a US-Pakistan aid row.

The State Bank of Pakistan (SBP) said it “has taken comprehensive policy-related measures to ensure that imports, exports and financing transactions can be denominated in CNY,” according to a statement issued late on Tuesday. CNY is now effectively on par with the US dollar, euro and other international currencies in the country.

Companies are free to engage in CNY transactions with the immediate effect. “SBP has already put in place the required regulatory framework which facilitates use of Chinese yuan in trade and investment transactions,” the bank said.

It also noted the “growing size of trade and investment” between Pakistan and China under the China-Pakistan Economic Corridor (CPEC) agreement. The use of yuan will further boost bilateral trade and “will yield long-term benefits for both [of] the countries,” the bank added.

While Islamabad and Beijing had already been considering ditching the US dollar for yuan in bilateral trade for some time, the announcement comes at a particularly low point in US-Pakistani relations. US President Donald Trump has vowed to halt US aid to the country, stating in a recent tweet that Washington has “foolishly given Pakistan more than $33 billion in aid over the last 15 years, and they have given us nothing but lies and deceit.” Trump has been repeatedly accusing Islamabad of providing a “safe haven to the terrorists,” referring to Taliban militants.

The US administration subsequently confirmed that it would further withhold $255 million of military aid to Pakistan. Islamabad has expressed “deep disappointment” over Washington’s decision, while describing Trump’s remarks as “completely incomprehensible.”



ペトロ元の興隆
RT2017/10/29
The rise of the petro-yuan
China is aiming to overthrow the US dollar as the currency of choice for the oil market, a move that could have far-reaching consequences.
Since the 1970s, the oil trade has almost entirely been conducted in US dollars, even when buyers and producers are not American. The ramifications of the dollar-denominated oil trade are immense: Because oil is priced in dollars, there is huge demand for dollars, lending the US economic and strategic power.

Beijing hopes to challenge the dollar by setting up a futures market with its own currency, the yuan. To that end, reports indicate that China is set to introduce an oil benchmark priced in yuan in the coming months.

For China, there are a lot of upsides to this gambit. An oil futures market based in yuan will stimulate demand for the Chinese currency, which China believes will lend it strategic clout. That money is also more likely to be recycled back into the Chinese economy. The US has been able to run huge budget deficits, borrowing money at extremely low rates because of the demand for its currency. Petrodollars continuously flow back into the US economy, creating investment and economic growth that might not otherwise occur. The dollar has also long been one of the premier safe havens for investors around the world.

China hopes to replicate this dynamic. And as the largest oil importer in the world, there is a great deal of logic in having oil contracts trade in yuan.

But it won’t be easy to unseat the greenback. The plan is to launch an oil futures contract on the Shanghai International Energy Exchange (INE), but there are obstacles in convincing large oil producers and consumers in using the yuan and investing in the Shanghai benchmark. Without some major countries participating, like, say, Saudi Arabia or Russia, it will be difficult to create a market that is deep and liquid enough to make a difference.

Moreover, because the yuan does not float freely – it is fixed to the dollar and adjusted daily – major investors will be wary of trading in the Chinese currency. "My biggest reservations are the role of the Chinese central government, potential state intervention and favoritism toward Chinese companies," said John Driscoll, director of JTD Energy Services, according to CNBC.On the other hand, China has slowly loosened its grip on its currency.

"Game changer it is not − at least not yet," Gal Luft, co-director of the Institute for the Analysis of Global Security, told CNBC. "But it is another indicator of the beginning of the glacial, and I emphasize the word glacial, decline of the dollar."

Others see much more dramatic change coming from the launching of the Shanghai benchmark. Juerg Kiener, managing director and chief investment officer of asset manager Swiss Asia Capital, told CNBC that the petro-yuan is “well-advanced” and already “structurally in place.”

Up until now, there have been some transactions in yuan, but only in trade specifically with China, and typically only with some smaller countries. Iran in particular was an early adopter of yuan-based oil sales, an unsurprising fact given Tehran’s eagerness to avoid the long arm of the US Treasury department.

A more significant development was Russia agreeing to some yuan-based oil trade in 2015, also the result of US sanctions.

Many believe that key to the success of the benchmark is convincing a country like Saudi Arabia to participate. Saudi Arabia is one of the largest oil producers in the world, and sells a little more than one million barrels of oil each day to China. Russia is still the top supplier to China, exporting 1.545 mb/d in September, and in fact, Russia has been taking market share away from Saudi Arabia in China. If Riyadh wants to avoid losing more ground, the thinking goes, it may need to agree to yuan-denominated sales. Recent reports that China’s large state-owned oil companies are considering an outright purchase of five percent of Saudi Aramco, a move that Saudi Arabia is rumored to be considering in lieu of the Aramco IPO, should be seen in this context.

"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it − as the Chinese will compel them to do − then the rest of the oil market will move along with them,” Carl Weinberg, chief economist at High Frequency Economics, said on CNBC earlier this month.

At that point, things would really start to change, and the dollar would start to lose its top status. Some see that as unlikely, as Saudi Arabia would likely be met with blowback from the US. But it would be a difficult choice for Riyadh – lose the Chinese market or spark the ire of Washington.

It may not happen right away, but the launching of the crude oil benchmark on the Shanghai exchange could mark the beginning of the end of the petrodollar.

This article was originally published on Oilprice.com

2017年10月25日
中国の石油元が2ヶ月でドルの支配に弔鐘を鳴らす
RT2017/10/25
China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
One of the world’s top energy importers, China, is set to roll out a yuan-denominated oil contract as early as this year. Analysts call the plan, announced by Beijing in September, a huge move against the dollar's global dominance.

The so-called petro-yuan is a “wake up call” for investors who haven’t paid attention to the Chinese plans, according to the head of Graticule Asset Management Asia Adam Levinson, as quoted by Bloomberg.

Earlier this year, the Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold. The contract will enable the country's trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.

The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.

The analyst said the new contract would be able to serve as a hedging tool for Chinese corporations, as well as support the government’s broader plans to extend the use of the national currency in trade settlement.

According to Levinson, Chinese companies might grow into anchor investors in Saudi Arabia’s initial public offering of its national oil giant, Saudi Aramco.

At the same time, some analysts are skeptical of China’s ambitious plan to create its own benchmark.

“Game changer it is not − at least not yet. But it is another indicator of the beginning of the glacial, and I emphasize the word glacial, decline of the dollar,” said Gal Luft, co-director of the Institute for the Analysis of Global Security, as quoted by CNBC.

The end of US dollar hegemony has been a consistent message from Russian President Vladimir Putin.

“Russia shares the BRICS countries’ concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies. We are ready to work together with our partners to promote international financial regulatory reforms and to overcome the excessive domination of the limited number of reserve currencies,” Putin said two months ago during the BRICs summit in Xiamen.
posted by ZUKUNASHI at 20:55| Comment(0) | 国際・政治
この記事へのコメント
コメントを書く
お名前: [必須入力]

メールアドレス: [必須入力]

ホームページアドレス:

コメント: [必須入力]

※ブログオーナーが承認したコメントのみ表示されます。