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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessIndian Refiners Reject Yuan for Russian Oil
Indian refiners continue to reject further attempts by Russia for oil payments in Chinese yuan according to senior Indian refining officials speaking with Bloomberg.
- Prime Minister Narendra Modi’s government won’t agree to those requests for yuan payments because of increased tensions between New Delhi and Beijing. Russia would like it to become the primary currency of transaction for its oil by Indian buyers.
- Indian Oil Corp has made a yuan payment in the past but since stopped.
- Russia has excess rupees while demand for yuan is growing due to increased trade with China after Russia was annexed by the west.
- Indian refiners mostly pay for Russian oil in UAE dirhams, US dollars and rupees.
- Russia is now India’s top crude supplier. It has pushed back against a single BRICS currency in the past fearing it would favor the yuan.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.