Tag: currencies

  • Why Xi Jinping is still Vladimir Putin’s best friend

    Why Xi Jinping is still Vladimir Putin’s best friend

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    As he jets off for a state visit to Moscow this week, China’s President Xi Jinping is doing so in defiance of massive international pressure. Vladimir Putin, the man Xi once called his “best, most intimate friend,” has just become the world’s most wanted alleged war criminal.

    The International Criminal Court issued an arrest warrant for Putin on March 17 for his alleged role in illegally transferring Ukrainian civilians into Russian territories. But that isn’t deterring Xi, who broke Communist Party norms and formally secured a third term as Chinese leader this month.

    But why is China’s leader so determined to stand by Putin despite the inevitable backlash, at a time when the West is increasingly suspicious of Beijing’s military aims — and scrutinizing prized Chinese companies like TikTok — more closely than ever?

    For a start, Beijing’s worldview requires it to stay strategically close to Russia: As Beijing’s leaders see it, the U.S. is blocking China’s path to global leadership, aided by European governments, while most of its own geographical neighbors — from Japan and South Korea to Vietnam and India — are increasingly skeptical rather than supportive.

    “The Chinese people are not prone to threats. Paper tigers such as the U.S. would definitely not be able to threaten China,” declared a commentary on Chinese state news agency Xinhua previewing Xi’s trip to Russia. The same article slammed Washington for threatening to sanction China if it provided Russia with weapons for its invasion of Ukraine. “The more the U.S. wants to crush the two superpowers, China and Russia, together … the closer China and Russia lean on each other.”

    It’s a view that chimes with the rhetoric from the Kremlin. “Washington does not want this war to end. Washington wants and is doing everything to continue this war. This is the visible hand,” Putin’s spokesman Dmitry Peskov said earlier this month.

    10-year bromance

    To understand Xi’s preference for Putin even though China’s economy is so intertwined with the West, analysts say it’s not just important to factor in Beijing’s vision for the future, but also to grasp the history that the Chinese and Russian leaders share.

    “They’re just six months apart in terms of age. Their fathers both fought in World War II … Both men had hardships in their youths. Both have daughters,” said Alexander Gabuev, a senior fellow at the Carnegie Endowment for International Peace think tank and an expert on Russo-Chinese relations. “And they are both increasingly like an emperor and a tsar, equally obsessed with Color Revolutions.”

    Their “bromance,” as Gabuev put it, began in 2013 when Xi met Putin toward the end of the Asia-Pacific Economic Cooperation summit in Bali — on Putin’s birthday. Citing two people present at the impromptu birthday party, Gabuev said the occasion was “not a boozy night, but they opened up and there was a really functioning chemistry.”

    GettyImages 183503201
    Russian President Vladimir Putin with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation Summit in Nusa Dua in 2013 | Mast Irham/AFP via Getty Images

    According to Putin himself, Xi presented him with a cake while the Russian leader pulled out a bottle of vodka for a toast. The pair then reminisced over shots and sandwiches. “I’ve never established such relations or made such arrangements with any other foreign colleague, but I did it with President Xi,” Putin told the Chinese CCTV broadcaster in 2018. “This might seem irrelevant, but to talk about President Xi, this is where I would like to start.”

    Those remarks were followed by a trip to Beijing, where Xi presented Putin with China’s first friendship medal. “He is my best, most intimate friend,” Xi said. “No matter what fluctuations there are in the international situation, China and Russia have always firmly taken the development of relations as a priority.”

    Xi has stuck to those words, even after Putin launched his invasion of Ukraine just over a year ago. Less than three weeks beforehand, Putin visited Beijing and signed what China once referred to as a “no limits” partnership. Chinese officials have steered clear of criticizing Russia — and they wouldn’t even call it a war — while echoing Putin’s narrative that NATO expansion was to blame.

    Close but not equal

    Concerns are mounting over Beijing’s potential to provide Russia with weapons. Last week, POLITICO reported that Chinese companies, including one connected to the government in Beijing, have sent Russian entities 1,000 assault rifles and other equipment that could be used for military purposes, including drone parts and body armor, according to customs data.

    Chinese and Russian armed forces have also teamed up for joint exercises outside Europe. Most recently, they held naval drills together with Iran in the Gulf of Oman.

    During Xi’s visit this week, the two leaders are expected to conclude up to a dozen agreements, according to Russian media TASS. Experts say Xi and Putin are likely to sign further agreements to boost trade — especially in energy — as well as make more efforts to trade in their own currencies.

    Xi is also expected to reiterate China’s “position paper” with a view to settling what it calls the “Ukraine crisis.” The paper, released last month, mentions the need to respect sovereignty and resume peace talks, but also includes Russian talking points such as dissuading “expanding military blocs” — a veiled criticism of U.S. support for Ukraine to potentially join NATO. There are also reports that Xi could be talking by phone with Ukraine’s President Volodymyr Zelenskyy after the Moscow visit.

    But Beijing’s overall top priority is to “lock Russia in for the long term as China’s junior partner,” wrote Ryan Hass, a senior fellow at the Brookings Institution, a think tank. “For Xi, cementing Russia as China’s junior partner is fundamental to his vision of national rejuvenation.”

    To achieve this, Putin’s stay in power is non-negotiable for Beijing, he wrote: “China’s … objective is to guard against Russia failing and Putin falling.”

    What better way, then, to show support than attending a state banquet when your notorious friend needs you most?



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    ( With inputs from : www.politico.eu )

  • Trading Forex with Indian Rupee and Other Major Currencies

    Trading Forex with Indian Rupee and Other Major Currencies

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    Forex trading is the buying and selling of various currencies with the aim of making a profit. Since it is one of the most prevalent sorts of trading, it attracts a large number of traders from all over the world. One of the key currencies in the foreign exchange market is the Indian rupee, which is one of the currencies of developing economies and one of the principal currencies traded there. In this essay, we will go through the fundamentals of foreign currency trading, with a focus on the Indian rupee and other major currencies.

    Learning about the foreign exchange market

    The forex trading market is the world’s most significant and largest financial market. Traders may buy and sell currencies from all around the world on this market, which is open 24 hours a day, five days a week. The market is decentralised, which means that it does not function in a single place. Instead, the transaction is carried out digitally via a consortium of financial institutions that includes banks, brokers, and others.

    Trading foreign exchange (forex) is a very active and fast-paced market that is open five days a week, 24 hours a day. This implies that traders may have access to the market at any time of day and from any location on the globe in order to trade currencies. The scale and liquidity of the foreign exchange market make it one of the most actively traded markets in the world, with a daily turnover of more than $5 trillion. Due to the fact that this market’s liquidity enables traders to join and exit positions rapidly and at advantageous prices, the market is appealing to traders who are looking for chances to engage in short-term trading. Traders nonetheless need to maintain a constant awareness of the latest economic and geopolitical news and events, particularly those that have the potential to influence currency markets.

    Forex trading using the Indian rupee

    The use of the Indian rupee in foreign currency dealing is becoming more popular among dealers worldwide. The Indian rupee is the country’s major currency, and it often trades on the foreign exchange market. There are many techniques to follow when trading foreign currencies using the Indian rupee.

    trading image man using macbook

    Trading foreign exchange using the Indian rupee is possible using the currency pair USD/INR. The most prevalent and popular currency combination in India is the trade of US dollars for Indian rupees. It entails buying and selling one currency in exchange for another. Another way to trade foreign currency with the Indian rupee is to use the currency pair EUR/INR. Particularly, this covers acquiring and selling the euro in exchange for Indian rupees.

    To trade foreign exchange using the Indian rupee, traders must first grasp the factors that determine the currency’s value. These components include the nation’s economic performance, government stability, interest rates, and trade balance. Traders must also keep a careful eye on global events such as geopolitical tensions, economic data releases, and changes in monetary policy since these may all have an impact on the value of the Indian rupee.

    Foreign exchange trade with the major currencies

    In addition to the Indian rupee, a number of other prominent currencies are traded on the foreign exchange market. These currencies include the US dollar, the euro, the Japanese yen, the British pound, the Swiss franc, the Canadian dollar, and the Australian dollar. Foreign exchange, often known as forex trading, is the act of buying one currency with another in order to make a profit.

    To trade forex with other currencies, forex traders must grasp the elements that influence the pricing of other major currencies. These components include the nation’s economic performance, government stability, interest rates, and trade balance. Traders must also keep a careful eye on global events such as geopolitical tensions, economic data releases, and monetary policy changes since all of these factors have the ability to affect the value of these currencies.

    Methods for trading in the foreign exchange market

    Investors may use a range of trading strategies while trading foreign currency (forex). This category includes strategies such as scalping, day trading, swing trading, and position trading.

    Scalping is a trading strategy that tries to produce a series of small profits from a high number of transactions made throughout the day. This strategy requires outstanding analytical ability, lightning-fast reflexes, and quick decision-making.

    The activity of buying and selling a currency pair on the same trading day is known as day trading. Traders must have a high degree of self-discipline and attention to be effective with this strategy. This is because they will need to make quick decisions in order to profit from short-term price swings.

    trading image man laptop with call phone

    Swing trading is a trading strategy that involves holding positions for a prolonged length of time, which may range from several days to a few weeks. Since they must wait for market changes before taking action, traders must be patient and disciplined if they are to succeed with this strategy.

    Position trading is a trading approach that requires holding positions for a long period of time, which might be months or even years. To be successful with this strategy, traders must have a long-term perspective and a thorough understanding of the fundamental dynamics that drive currency values.

    The procedure for choosing a forex broker

    Choosing the finest forex broker to deal with is critical for successful forex trading. A reputable foreign exchange broker will be licensed and regulated by a reputable financial body. They will also offer fair spreads and costs, an easy-to-use trading interface, and excellent customer support.

    Before making a selection, traders should consider the broker’s track record and reputation in the industry. Visitors may check ratings and reviews on the website, as well as ask for recommendations from other businesses. Another critical stage in the process is comparing the features and services provided by different brokers, such as trading instruments, leverage, deposit and withdrawal methods, and educational materials.

    currency rupees usd mexico america

    Conclusion

    Forex trading with the Indian rupee and other major currencies may be a successful and thrilling experience for traders with the right knowledge, talents, and temperament to engage in the market. Traders must have a fundamental grasp of the foreign exchange market, a robust trading strategy, a reputable broker, and an acceptable risk management plan. Traders that follow these principles continue to educate themselves and stay adaptable in the face of continuously changing market conditions may find success in foreign currency trading.

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    #Trading #Forex #Indian #Rupee #Major #Currencies

    ( With inputs from : kashmirlife.net )

  • Pakistan to pay for Russian oil in currencies of friendly countries

    Pakistan to pay for Russian oil in currencies of friendly countries

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    Islamabad: Pakistan will pay for energy purchases from Russia, when they start in late March, in currencies of friendly countries, a top energy official said on Friday.

    The development came at the conclusion of the 8th session of the Pakistan-Russia Inter-Governmental Commission (IGC) on trade, economic, scientific, and technical cooperation led by Ayaz Sadiq, Pakistan Minister for Economic Affairs, and Nikolay Shulginov, Russian Energy Minister, from respective sides between January 18 and 20 here.

    Shulginov, in a joint statement read out before the media, said Islamabad would pay for energy purchases in currencies of friendly countries, adding that the two countries agreed in late March as the timeline for crude oil export to cash-strapped Pakistan.

    The friendly countries were not named but likely include China which has close ties with both Pakistan and Russia.

    The two sides worked under the guidance of Prime Minister Shahbaz Sharif and President Vladimir Putin and took the opportunity to reaffirm their commitment to a strong and comprehensive economic relationship, the statement said.

    They reiterated that such a relationship contributed to the economic well-being of the two countries, as well as the region.

    The two sides reached an agreement in principle on the supply of Russian crude oil and products to Pakistan, with technical details to be finalised in March this year at the latest.

    “Both sides agreed that after consensus on the technical specifications achieved, the oil and gas trade transaction will be structured in a way it has a mutual economic benefit for both countries. The process is to be completed within March 2023,” the statement read.

    Pakistan last year sent officials to Russia to explore the import of energy, after which the country’s state minister for petroleum Musaddik Malik said Russia would sell crude oil at a discounted rate.

    Pakistan has not traditionally been a major importer of Russian oil or gas and after the latest meetings in Islamabad, Malik said that Islamabad wants to import 35 per cent of its total crude oil requirement from Russia.

    They also agreed to strengthen energy cooperation, enhance energy trade, and broaden energy infrastructure investment based on strategic and favourable commercial terms.

    They agreed to work on a “Comprehensive Gas Infrastructure Plan for Energy Cooperation”, which would form the foundation for future work and is to be completed in 2023.

    Both sides reassured commitment to undertake the Pak Stream gas pipeline project as one of the pillars of the “Comprehensive Gas Infrastructure Plan”.

    Both sides agreed that the Pakistan Stream Gas Pipeline Project should be considered in terms of a comprehensive infrastructure that is economically viable for sustainable development ensuring affordable gas supplies.

    The Russian side was also invited toward potential projects of the federal and provincial governments of Pakistan, including in public-private partnership mode, and requested the Russian businessmen to explore these possibilities.

    They have resolved the pending issues related to the exchange of information on certificates of origin of goods with the use of an electronic verification system and shall endeavour to finalise the above-mentioned protocols by the end of May 2023.

    The two sides agreed to nominate focal persons from both sides in order to enhance mutual cooperation and discuss issues concerning connectivity and logistics in Central and South Asia.

    The sides also agreed to take necessary measures to increase bilateral cooperation in science, technology, and higher education, especially academic linkages, collaborative and impactful research, training and development, and learning and enhanced interest of Pakistani citizens in education in the Russian Federation.

    The two sides also discussed innovative ways of doing business, including through barter, and agreed to explore the option further. In the context of the desire of both parties to promote regional integration and Eurasian connectivity, the two sides agreed to share information about developing and improving rail and road infrastructure.

    The two sides also signed three documents including an agreement regarding Cooperation and mutual assistance in Custom matters between the Government of the Russian Federation and the Islamic Republic of Pakistan; protocol on the exchange of documents and data on the Customs value of goods transported between the Russian Federation and the Islamic Republic of Pakistan; and working agreement on Airworthiness of Aeronautical products.

    Earlier, the two sides proceeded from the discussions and decisions of the seventh IGC and carried the process forward, as well as explored additional avenues of cooperation and agreed to further strengthen and enhance collaboration in the fields of trade and investment, energy, communication and transport, higher education, industry, railways, finance and banking sector, customs, agriculture, science and technology, and information technology.

    They observed and noted positive prospects for implementable and concrete projects in the above-mentioned sectors of the economy with a huge potential for the socio-economic development of both countries.

    The commission agreed that the relevant ministries and departments from both sides will vigorously follow up to exploit this potential for common prosperity.

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    #Pakistan #pay #Russian #oil #currencies #friendly #countries

    ( With inputs from www.siasat.com )