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#USDCNH dropped ~250pip 6.4100 to 6.3850 yday on prospect of Saudi Arabia SA receiving oil payment from China in #CNY instead of #USD

▪️ Pricing Ccy is different from Invoice/Settlement Ccy - SA can receive CNY but oil may still be priced in $$

1/5
wsj.com/articles/saudi…
▪️ China oil imports from SA ~$45bn pa, ~1.75 mbpd
▪️ What can SA do with CNY received
1. Pay in CNY for Chinese imports/services
2. Diversify FX Reserves into CNY away from USD
2a. Invest back into China onshore say CGBs

+ve for CNY internationalization
[SAMA FXReserves $420bn]
▪️ (Oil in CNY) = (Oil in USD) x (USDCNY FX)
- Oil in CNY=>Shanghai International Energy Exchange, "Shanghai Oil" #SCPA
- Oil in USD=>say DME Dubai Oman Crude Oil #OQD

If Shanghai Oil in CNY is just an FX conversion of Dubai Oil in USD then Oil is still really priced in USD

3/5
Read 6 tweets
A year ago, my driver came to me with a request to help find his 15yo nephew, missing from a madrassah in Shikarpur called Sibghatul-Quran. The family was quite distraught, he said, as it had been 3 weeks since the boy had disappeared and there was no news of the boy. A thread. 1
Triggr warning: this story is about sexual & physical abuse of a minor & how the state, school and the child's guardians are complicit in the crimes. It is also a story of how there is no one and no system to protect any vulnerable child. @NCRC_Pakistan
This is S's story: 2
S, who had been studying hifz at the madrassa, had complained to his grandmother of being sexually abused by his qari. She wanted to meet him and the madrassah officials to discuss but was dissuaded by her family members, more concerned with the employment of S's two uncles. 3
Read 14 tweets

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