We know what’s coming and we are prepared.
🇨🇳💴❌🇺🇸💵 — 🏴 ZeroHedge | The Start Of De-Dollarization: China's Move Away From The USD | May 24, 2024:
"Since 2010, the majority of China’s cross-border payments, like those of many countries, had been settled in U.S. dollars (USD). As of the first quarter of 2023, that’s no longer the case.
As Visual Capitalist's Julian Wendling shows in the grahic [above], from the Hinrich Foundation, the Chinese renminbi (RMB) is growing in popularity in payments both domestically and globally.
(...)
As of March 2024, over half (52.9%) of Chinese payments were settled in RMB while 42.8% were settled in USD. This is double the share from five years previous. According to Goldman Sachs, foreigners’ increased willingness to trade assets denominated in RMB significantly contributed to de-dollarization in favor of China’s currency. Also, early last year, Brazil and Argentina announced that they would begin allowing trade settlements in RMB."
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🇺🇸🛢 US oil inventory model excluding SPR fair value showed ~$95/bbl WTI last week.
This week’s commercial oil inventory draw excluding propane/propylene is 8-9million bbls.
It would put fair value at $98-$99.
By the end of July, another 65-70 million bbls will be gone.
🔗 HFI Research
❄️🌊 Mysterious ‘cold blob’ in the Atlantic suggests the AMOC is weakening
A patch of ocean south-east of Greenland is the only place on Earth that is cooling, and it could be a sign that the warm water "conveyor belt" in the Atlantic is slowing down
Over the past 150 years, Earth’s entire surface has been warming, except for one patch of the north Atlantic. Located south-east of Greenland, this area has cooled by as much as 1°C and is known as the “warming hole” or the “cold blob”.
Scientists have been split over why this cold blob exists, but the latest evidence backs up the idea that it is caused by a weakening of the Atlantic Meridional Overturning Circulation (AMOC), the system of currents that transports warmth from the tropics to Europe.
The AMOC carries warm, salty water from the Gulf of Mexico towards the north Atlantic, where it cools and sinks, flowing back south along the ocean floor. Scientists are concerned that the surge of freshwater from Greenland’s ...
🇮🇷🇮🇷❌🇮🇱🇺🇸🌞- Summary of today's events in Israel, Iran, Lebanon, and Iraq:
➡️ Earlier today, Israel struck an apartment building in Dahieh, southern Beirut, despite Iranian threats of retaliation on northern Israel if they carried out such attacks. At least 2 people were killed.
➡️ In response, Iran carried out their threat and attacked northern Israel with at least 26 ballistic missiles and multiple drones. At least 2 impacts were confirmed near Tiberias and southwest Haifa, along with 3 impacts allegedly of debris in other areas of northern Israel.
➡️ Missiles were launched from Kermanshah (5), Tabriz (3), Urmia (2), Isfahan (7), Kashan (3), Qom (3), and Andimeshk (3), all towards northern Israel.
➡️ After the attack, Israeli officials are pushing for a response; Donald Trump and Israeli PM Netanyahu spoke on the phone, where according to Israeli media, Netanyahu "Kind of agreed" not to retaliate.
➡️ A U.S. Army MQ-1C "Gray Eagle" ...
