China, the world’s top oil importer, rising to the top, investment firm reports

4 Oct 2017   China

China, the largest importer of oil in the world, is on pace to challenge U.S. dominance after years of heavy spending from Washington, a commodities group said. Danish investment firm Saxo Bank said in an emailed report that China is trying to increase its leverage by putting more of its currency into global trade flows. That comes as the value of the U.S. dollar continues to lose ground against other currencies. “China is the world’s largest oil importer and a successful transition to transacting oil in yuan and maintaining a stable currency would be a first key step towards the long-term deepening of Chinese capital markets and importing the global demand for its […]

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