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LSE Business Review

The renminbi and China’s oil security

Helena Vieira

2024-02-12 05:00:45

Full article at: Source link

Summary

China’s increasing domestic oil demand has raised concerns about energy security, motivating the country to internationalize its currency, the renminbi, to support its strategic petroleum reserves. The internationalization of the renminbi has potential implications for the global oil market. Research suggests a bi-directional causality between the internationalization of the renminbi and petroleum security in China. Additionally, the article discusses the need for a multipolar currency system and the influence of economic policy uncertainty on petroleum security and currency internationalization.

Key Themes

Renminbi Internationalization: The article discusses the internationalization of the Chinese currency, the renminbi, and its potential impact on the global oil market and energy security in China.

Petroleum Security: This theme explores the relationship between the internationalization of the renminbi and petroleum security in China, highlighting the implications of increasing oil demand and strategic petroleum reserves.

Economic Policy Uncertainty: The article identifies the influence of economic policy uncertainty, such as the COVID-19 pandemic and geopolitical conflicts, on petroleum security and its connection with renminbi internationalization.

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