Will the US Dollar be Replaced by the Yuan?

As de-dollarization is gaining steam, global investors are increasingly looking at the Chinese yuan as a potential future replacement for the greenback.

The de-dollarization trend is here to stay, admit American experts, arguing, however, that there is still no replacement for the greenback, a freely convertible means of payment and a dominant reserve currency.

"There is a very good reason why the dollar is used widely in trade, and that's because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments," insisted Treasury Secretary Janet Yellen last week.

However, Chairman of Russia's VTB Bank Andrei Kostin does not share Yellen's stance, projecting back in May that "there is every reason to expect that the Chinese yuan will replace the US dollar as the world's main reserve and settlement currency as early as the next decade." So, who is right?

When Did the Yuan Join the Elite Basket of Currencies?

On October 1, 2016, the Chinese yuan, or renminbi (RMB), joined the International Monetary Fund's (IMF) basket of reserve currencies that make up the Special Drawing Right (SDR). The basket previously included the US dollar, the euro, the Japanese yen, and the British pound.

The SDR, an international reserve asset, was created by the IMF in 1969 to supplement its member countries' official reserves. Per IMF, the yuan's inclusion in the SDR became an "important milestone" in the integration of the Chinese economy into the global financial system.

Why is the Yuan not a Major Reserve Currency Yet?

Skeptics say that the RMB is still not as widely used as the US dollar. The greenback remains the world's dominant currency being on one side of 88% of all trades as of April 2022, while the RMB was used in just 7% of all transactions. The yuan's share of the world foreign exchange reserves was less than 3% at the end of 2022, while the dollar and the euro boasted 58% and 20%, respectively.

Likewise, the renminbi's global share was 2.5% in May, as per the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is a far cry from the 43% for the greenback or 32% for the euro.

Western experts argue that China's capital controls and limited transparency of financial markets still prevent the yuan from becoming a major global currency. In response, their Chinese peers note that the yuan's primary feature is to "serve the real economy" adding that lax controls could lead to speculative demand for the Chinese currency.

Will the Yuan Become a Global Currency?

The Chinese yuan has recently demonstrated the biggest increase in market share, leaping from 4% in 2019 to 7% in 2022 and becoming the fifth most traded currency up from 35th place in 2001. In addition, the RMB turned out to be the fifth-most-actively used currency for global payments as of April 2023, even though it ranked 30th in 2011.

China is pushing for the internationalization of the RMB. In 2015, it created the Cross-Border Interbank Payments System (CIPS) to facilitate cross-border payments in yuans. In 2018, the People's Republic kicked off the world’s first yuan-denominated crude oil futures contracts to make it possible for exporters to sell crude in renminbi.

Earlier, the People's Bank of China (PBOC) also began research on a digital currency in 2014 and kick-started testing in four cities around China in April 2020, namely, Shenzhen, Suzhou, Chengdu and Xiongan. In addition, China’s Alipay and Tencent pay have become widely adopted abroad.

Beijing's Belt and Road Initiative – a set of bold infrastructure projects and trade routes – has also facilitated the yuan's internationalization. China is also playing the role of a lender, with the government and enterprises offering hefty loans to developing countries.

Will the US Dollar be Replaced by the Yuan?

Last year, the share of US-dollar-denominated foreign exchange reserves fell to 59.8% from 72% in 1999, according to the IMF.

Even though the yuan still lags behind the dollar and the euro, the unfolding geopolitical shift could potentially elevate it to a major currency status, according to international observers. After the beginning of Russia's special operation in Ukraine, the collective West curbed Russia's access to the global dollar-based payments system, SWIFT, and froze its central bank's assets. This situation demonstrated that the dollar could swiftly be turned into a punitive mechanism, triggering concerns among global players.

At the same time, the US Federal Reserve's aggressive interest rate hikes made the greenback especially expensive for foreign borrowers and those who paid for foods, raw materials and other commodities in US dollars. Prior to the Fed's move, Kristalina Georgieva, managing director of the IMF, warned in January 2022 that the US raising interest rates could backfire on the global economy and especially on countries with higher levels of dollar-denominated debt.

As the de-dollarization trend gained momentum, developing countries started to increasingly shift to the yuan or local currencies, seeing them as an antidote to Washington’s weaponization of the global financial system and use of alternative or domestic systems for international payments.

Which Countries Use Yuan?

Having been banned from the dollar-centered financial system, Russia has shifted to payments in the yuan for its oil and natural gas. Earlier this year, the RMB replaced the greenback as the most traded currency in Russia. Likewise, Russia's Finance Ministry doubled the amount of RMB and gold in the national wealth fund.

Some Russian companies, such as Rosneft, issued bonds denominated in renminbi. In March 2023, the offering amounted to ¥15 billion, with a coupon rate of 3.5% per annum. Per Rosneft, "in ruble terms, this placement is the largest of the corporate issues currently in circulation."

For its part, Argentina has shifted to RMB to tackle its currency crisis: as the country is facing a dire shortage of US dollars, it allowed commercial banks to open deposit accounts in the Chinese currency, according to the Argentine Central Bank's Thursday statement. The Latin American nation is also expected to issue securities in the Chinese currency. Earlier, in April, Argentina started to pay for imports from China in RMB.

Earlier this year, Brazil and China struck an agreement to use both of their currencies in bilateral trade which is worth about $163 billion a year. It was reported in April that Bangladesh would be paying Russia in RMB for the construction of a nuclear power station. In March, China's national energy giant CNOOC and France's TotalEnergies completed their first yuan-settled liquefied natural gas (LNG) deal through the Shanghai Petroleum and Natural Gas Exchange.

Likewise, in February, it turned out that Baghdad was planning to pay for private-sector imports from China in RMB to decrease pressure on the Iraqi dinar. The same month it was reported that TESCO, a British supermarket chain, decided to pay its Chinese suppliers in yuan.

What's Behind the Yuan's Depreciation?

Chinese media has recently admitted that while the yuan had made marked progress in internationalization, it had fallen in value against the US dollar. Last week, the Chinese currency hit a seven-month low against the greenback, raising questions whether the nation's monetary authorities would interfere.

Earlier this week the People’s Bank of China (PBOC) issued strong guidance with regard to the Chinese currency's exchange rates, while Pan Gongsheng, chief of the State Administration of Foreign Exchange, was appointed as chief of the Central Bank late last week.

Even though the depreciation of the renminbi is cited as a huge challenge for the newly appointed PBOC chief, Chinese observers believe the yuan has no basis for a long-term slide. As per the Global Times, as the de-dollarization trend gains steam, the proportion of enterprises using renminbi settlement in trade has increased. With more liquidity having been injected into the world's financial system to meet rising demand for the yuan, the currency's fluctuations appeared predictable, the media noted, expecting the renminbi global share to grow further.

"It is normal to see short-term fluctuations of the yuan, but speculation and arbitrage should be avoided, which will help maintain the stability of the yuan and further promote the yuan's internationalization," the media outlet emphasized.

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Geser Dolar AS, India Mulai Gunakan Yuan China untuk Bayar Minyak Rusia

Seorang pegawai Bank of China di Hong Kong memperlihatkan lembaran baru uang 100 yuan (US$15,7) kepada para fotografer (12/11). (AP/Kin Cheung)

Pemerintah India telah mulai menggunakan mata uang yuan China untuk membayar sejumlah impor minyak dari Rusia, menggantikan dolar AS yang selama ini digunakan sebagai alat tukar.

Dua sumber lainnya mengatakan, setidaknya dua dari tiga penyulingan swasta India juga membayar beberapa impor Rusia dengan mata uang China.

"Beberapa penyuling membayar dalam mata uang lain seperti yuan jika bank tidak mau menyelesaikan perdagangan dalam dolar," kata sumber pemerintah India yang tidak disebutkan namanya.

Sumber tidak menyebutkan berapa banyak minyak Rusia yang telah dibeli oleh penyuling India dengan yuan, menambahkan bahwa Indian Oil telah membayar dalam renminbi - mata uang resmi China - untuk beberapa kargo.

India menjadi salah satu negara yang menentang tindakan sanksi terhadap Moskow yang diadopsi oleh Barat sebagai tanggapan atas konflik di Ukraina.

Meskipun New Delhi memutuskan untuk tidak ikut bergabung dengan negara-negara yang menjatuhkan sanksi dan pembatasan, bank dan lembaga keuangan India tetap berhati-hati dalam melakukan pembayaran kliring untuk mengindari tindakan lain yang diperkenalkan terhadap Rusia.

Pada 5 Desember 2022, UE, negara-negara G7, dan Australia telah memperkenalkan batas harga 60 dolar AS per barel untuk ekspor minyak lintas laut Rusia. Mekanisme tersebut melarang perusahaan Barat untuk menyediakan asuransi dan layanan lain kepada pengirim minyak Rusia kecuali jika kargo dibeli di atau di bawah harga yang ditetapkan.

Tindakan serupa yang menargetkan ekspor minyak mulai berlaku pada 5 Februari 2023. Ini menetapkan harga produk minyak sulingan yang diimpor dari Rusia sebesar 100 dolar AS per barel untuk solar dan 45 dolar AS per barel untuk bahan bakar minyak. Langkah-langkah tersebut bertujuan memotong pendapatan energi Moskow.

Rusia mengalihkan pasokan ke Asia dan tujuan lain sebagai tanggapan atas sanksi, yang telah memaksa Moskow dan pelanggannya mencari alternatif selain dolar untuk menyelesaikan pembayaran.

Menurut Reuters, kilang India juga telah menyelesaikan beberapa pembayaran non-dolar untuk minyak Rusia dalam dirham UEA.

Ekspor minyak Rusia ke India naik ke puncak baru bulan lalu, setelah meningkat selama sepuluh bulan berturut-turut, menurut data dari perusahaan analisis komoditas Kpler.

Menurut Kpler, sebagai importir dan konsumen minyak terbesar ketiga di dunia, India telah mengambil minyak Rusia yang didiskon, dengan pengiriman harian ke negara Asia Selatan melonjak menjadi 2,2 juta barel per hari pada Juni 2023.

Berikut Daftar Negara yang Pakai Yuan, AS Ketar-Ketir

Penggunaan dolar Amerika sebagai alat pembayaran transaksi internasional semakin tergerus Yuan China.

Isu dedolarisasi ini pun kian santer menghantui Amerika. Kini, sejumlah negara mulai melirik Yuan.

Laporan peneliti Bloomberg Intelligence mencatat, selama bulan Maret kemarin penggunaan mata uang yuan dalam transaksi lintas batas China naik ke rekor 549,9 miliar dolar AS.

Lebih tinggi dari bulan sebelumnya, yang hanya menduduki 434,5 miliar dolar AS.

Tak hanya itu melonjaknya popularitas yuan juga telah membuat dominasi mata uang dolar Amerika terdepak dari transaksi lintas negara (cross-border).

Dimana, Yuan menguasai 48,4 persen penggunaan mata uang dalam transaksi global.

Lonjakan ini terjadi setelah China gencar mempromosikan penggunaan yuan dalam perdagangan lintas negara sebagai bagian dari upaya internasionalisasi penggunaan mata uangnya.

Menteri Keuangan Amerika Janet Yellen bahkan turut mengakui dominasi yuan yang mulai menguat, hingga berpotensi mengancam popularitas dolar Amerika di perdagangan internasional.

"Yuan belakangan dinilai sebagai alat yang sangat efektif. Tentu saja, hal itu menimbulkan keinginan China, Rusia, Iran untuk mencari alternatif. Namun potensi tersebut dapat merusak hegemoni dolar dan memicu risiko terkait dengan peran dolar dari waktu ke waktu."kata Yellen.

Berikut daftar negara yang mulai beralih menggunakan mata uang yuan untuk perdagangan dan transaksi internasional, seperti yang dilansir dari Business Insider.

1. Rusia

Negara beruang merah ini menggunakan yuan China untuk transaksinya, setelah sejumlah perbankan di Moskow mulai menghadapi sanksi Barat atas invasi Ukraina.

Imbas sanksi tersebut lebih dari 640 miliar USD cadangan mata uang asing Rusia dibekukan oleh pembatasan perdagangan Amerika.

Tekanan tersebut kian diperparah dengan sanksi larangan bank Rusia untuk mengakses SWIFT, layanan perpesanan yang memungkinkan bank di seluruh dunia berkomunikasi tentang transaksi lintas batas.

Alasan ini yang kemudian membuat Rusia mulai meninggalkan dolar dan beralih yuan yang dianggap sebagai mata uang yang ramah.

Per 10 April 2023, bank sentral Rusia mencatat negaranya telah membeli mata uang China senilai 41,9 miliar rubel.

Di pasar valuta asing Rusia, perdagangan rubel-yuan bahkan telah menyumbang 39 persen dari total volume perdagangan, bahkan melampaui pangsa dolar rubel yang hanya menduduki 34 persen.

2. Brasil

Negara satu ini menjadi yang paling vokal mendukung penggunaan mata uang yuan dalam perdagangan internasional.

Bahkan di akhir tahun 2022 lalu, dominasi yuan telah melampaui euro dan dolar dalam cadangan devisa Brasil.

Badan Promosi Perdagangan dan Investasi Brasil (Apex Brasil) mengatakan lonjakan dominasi yuan terjadi setelah China menjadi mitra dagang terbesar Brasil. Terhitung lebih dari seperlima dari semua impor Brasil berasal dari negeri tirai bambu China.

3. Bangladesh

Dominasi yuan di Bangladesh menguat, usai negara ini melangsungkan kontrak kerjasama pembangunan pembangkit listrik tenaga nuklir dengan Rusia pada April kemarin.

Dengan membayarkan yuan senilai 318 juta USD, nantinya Rusia akan membangun pembangkit listrik terbesar di Bangladesh yang diklaim dapat menghasilkan listrik sebesar 2.400 megawatt.

"Karena sanksi terhadap bank Rusia, kami tidak dapat memproses pembayaran dalam dolar AS. Rusia meminta kami untuk menyelesaikan pembayaran dalam mata uang mereka, rubel, tetapi itu tidak memungkinkan. Jadi kami berdua memilih yuan," Uttam Kumar Karmaker, sekretaris Divisi Hubungan Ekonomi (ERD) kementerian keuangan Bangladesh.

4. Argentina

Mengikuti jejak yang lainnya, Argentina kini mulai menggunakan mata uang China, yuan untuk transaksi impor dari Negeri Tirai Bambu itu.

Menteri Ekonomi Argentina Sergio Massa menyatakan, langkah ini dilakukan untuk menekan cadangan dolar negara yang belakangan semakin menipis akibat penurunan tajam pada hasil ekspor pertanian.

Penggunaan mata uang sebagai alat transaksi sebenarnya telah lama diadopsi Argentina, tepatnya pada November 2022 lalu negara ini menukarkan mata uangnya dengan China sebanyak 5 miliar USD.

Hal ini dilakukan dengan dalih untuk memperkuat cadangan devisa Argentina. Pasca kebijakan tersebut diterapkan total transaksi impor selama dengan yuan selama bulan April telah naik menjadi 1 miliar USD.’

5. Iran

Sama seperti Rusia, negara ini mulai beralih menggunakan yuan usai tahun 2018 silam Amerika menjatuhkan sanksi ekonomi kepada pemerintah Iran akibat kepemilikan bubuk nuklir yang melebihi batas aman.

Sejak saat itu bank-bank Iran dilarang untuk mengakses layanan Swift. Tekanan tersebut yang kemudian mendorong Pemerintah Iran untuk untuk meninggalkan mata uang dolar dan mencari sistem pembayaran alternatif dalam perdagangan internasionalnya,

"Yuan sudah menyumbang sebagian besar perdagangan antara kedua belah pihak. Namun, proses penggunaan mata uang China perlu dilonggarkan, dan Bank Sentral Iran sedang bernegosiasi dengan China untuk mengatasi masalah tersebut," jelas menteri ekonomi Iran kata Ehsan Khandouz.

Selain yuan, belakangan Iran juga telah menyatakan keterbukaannya terhadap sistem pembayaran Rusia, yakni Sistem Transfer Pesan Keuangan.

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Bareskrim Sebut Panji Gumilang Akui Video Al Zaytun yang Beredar di Media Sosial Benar

Dirtipidum Bareskrim Mabes Polri, Brigjen Djuhandani Raharjo Puro/RMOL

Direktur Tindak Pidana Umum (Dirtipidum) Bareskrim Polri Brigjen Djuhandhani Rahardjo Puro mengungkapkan hasil pemeriksaan yang dilakukan penyidik terhadap pimpinan Pondok Pesantren Al Zaytun, Panji Gumilang salah satunya terkait video beredar mengenai pondok pesantren pimpinannya, bahwa Panji Gumilang membenarkan soal pernyataan dalam video tersebut.

“Terkait beberapa video yang diunggah menjadi bahan pertanyaan kami, yang bersangkutan menjawab semua dan mengakui bahwa apa yang di video itu adalah benar itu statement dan memang benar yang dilakukan oleh yang bersangkutan,” kata Djuhandhani setelah pemeriksaan Panji di Lobi Bareskrim, Mabes Polri, Jakarta, hari Senin malam, 03/07/2023.

Meski begitu, Djuhandhani masih belum mau membeberkan video yang dimaksudkannya tersebut. Sebab, hal itu masih akan didalami dalam proses penyidikan kasus dugaan penistaan agama yang diduga dilakukan Panji Gumilang.

Selepas pemeriksaan Panji, polisi menaikkan kasusnya ke tahap penyidikan.

“Nanti kita dalami lebih lanjut. Yang jelas kami segera mewujudkan secara formil karena kemarin pemeriksaan saksi ataupun ahli adalah sifatnya penyelidikan,” ucap dia.

Djuhandhani mengungkapkan, setidaknya ada 26 pertanyaan yang ditanyakan kepada pimpinan di salah satu ponpes di Indramayu, Jawa Barat itu.

Selain soal video yang beredar di media sosial, Panji juga ditanyakan soal sejarah hingga susunan organisasi Ponpes Al-Zaytun.

“Dalam pemeriksaan dilaksanakan secara profesional, penyidik memberikan kesempatan manakala waktunya ibadah tetap diberikan waktu kesempatan. Waktu istirahat, makan, kita berikan kesmepatan istirahat makan dan yang bersangkutan kita berikan pertanyaan sebanyak 26 pertanyaan,” tutur dia.

Sementara itu, Panji Gumilang mengakui sudah menjawab setiap pertanyaan kepada penyidik Badan Reserse Kriminal (Bareskrim) Polri.

Meski begitu, Panji enggan membeberkan setiap jawaban yang diberikannya kepada publik.

"Semuanya, panggilan Bareskrim telah saya penuhi dan didalam pemeriksaan pribadi saya telah memberikan keterangan yang secukup-cukupnya,” ungkap Panji usai pemeriksaan, kemarin.

Panji Gumilang dilaporkan atas dugaan penistaan agama oleh Ketua Forum Advokat Pembela Pancasila (FAPP) Ihsan Tanjung.

Laporan dugaan penistaan agama dilaporkan ke Bareskrim Polri dengan nomor registrasi LP/B/163/VI/2023/SPKT/Bareskrim Polri tertanggal 23 Juni 2023.

Dalam laporan itu, Panji Gumilang diduga melanggar ketentuan Pasal 156 A Kitab Undang-Undang Hukum Pidana (KUHP) tentang Penistaan Agama.

Menurut Ihsan, materi dugaan penistaan yang diduga dilakukan Panji sudah diserahkan ke penyidik.

Beberapa di antaranya soal ajaran terkait memperbolehkan perempuan menjadi khatib.

Bahkan, pernyataan Panji soal yang menyangkal bahwa Al Quran bukan firman Tuhan juga dianggap sebagai penistaan.

"Dalam Islam jelas dikatakan bahwa salat Jumat itu hanya berlaku sunah untuk perempuan, tidak wajib. Dan khatib itu hanya laki-laki, tidak boleh perempuan. Ini jelas sangat menistakan agama," kata Ihsan.

"Kedua pernyataannya yang menyatakan bahwa Al-Quran itu adalah bikinannya Nabi Muhammad, bukan firman dari Allah, ini sangat meresahkan sekali karena beribu-ribu tahun ini sudah diuji kebenarannya tiba-tiba ada orang yang mengatakan ini bukan firman Tuhan," ujar dia.

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White House evacuated over cocaine

The White House and the surrounding area were evacuated on Sunday as the Secret Service investigated an unknown substance found on the grounds that turned out to be cocaine, the authorities have confirmed.

The grounds were cleared “as a precaution” after the Secret Service’s Uniformed Division Officers spotted an “unknown item on the White House complex” at 18th Street and Pennsylvania Avenue, a Secret Service spokesman told reporters on Sunday.

The Washington, DC Fire Department’s hazardous materials team was dispatched to evaluate the find, while the Secret Service closed down multiple streets in the area around the White House.

DC Emergency Medical Services soon deemed the substance “non-hazardous” and the streets were reopened. The mystery substance tested as “cocaine hydrochloride,” a recording from DC Fire and Hazmat tweeted by radio aggregator OpenMHz confirmed.  

Cocaine is a Schedule II narcotic in the US, meaning it has a high potential for abuse and addiction and is illegal to possess without a doctor’s prescription. The Secret Service was reportedly still investigating the origins of the substance as of Sunday night. 

Local authorities were said to be on high alert after an incident early Sunday morning in which several explosive devices and a “Molotov cocktail-style object” exploded outside three businesses in the city’s northeast. The suspect was still at large at the time of the cocaine discovery at the White House.

Social media users took the opportunity to poke fun at President Joe Biden’s son Hunter Biden, whose struggles with drug addiction are well-documented and acknowledged by both father and son, noting he had recently attended a state dinner at the White House. No evidence has been produced connecting the discovery to Biden Junior, however. 

Global cocaine production is at record levels, according to a report published earlier this year by the United Nations Office on Drugs and Crime. Record seizures of the drug have been recorded – in the largest-ever narco-submarine, on the high seas outside New Zealand, and in Belgian ports, where so much was intercepted it could not be destroyed using standard methods.

“U.S. Secret Service Uniform Division Officers located an unknown item on the White House complex,” a Secret Service spokesperson told Fox News Digital.

“As a precaution, the White House grounds were evacuated, and the DC Fire Departments Hazmat team responded,” the spokesperson added.

DC Fire Hazmat officials tested the substance, and it reportedly came back positive for Cocaine Hydrochloride.

🚨#BREAKING: The Secret Service are investigating a hazmat incident at the White House
⁰📌#Washington | #DC

Currently, there is an ongoing hazmat incident at the White House in Washington DC the US Secret Service, along with emergency personnel, are investigating the… pic.twitter.com/sRuktZwsOg

— R A W S A L E R T S (@rawsalerts) July 3, 2023

“US Secret Service have just shut down access to the Ellipse, Lafayette Park, 17th Street and Pennsylvania Avenue due to an unknown security incident,” said freelance DC journalist Andrew Leyden.

US Secret Service have just shut down access to the Ellipse, Lafayette Park, 17th Street and Pennsylvania Avenue due to an unknown security incident. pic.twitter.com/bbrt6Ym609

— Andrew Leyden (@PenguinSix) July 2, 2023

“DC Fire Hazmat reports they have found a substance that tests positive for Cocaine Hydrochloride near the White House, which is a local anesthetic,” he added.

HAZMAT crews behind the gates on West Executive outside the entrance to the West Wing. pic.twitter.com/rqDRCjZVvi

— Andrew Leyden (@PenguinSix) July 3, 2023

PubChem writes about Cocaine Hydrochloride:

Cocaine Hydrochloride is the hydrochloride salt form of the tropane alkaloid cocaine, with central nervous systems (CNS) stimulating and local anesthetic activity. Cocaine binds to the dopamine, serotonin, and norepinephrine transport proteins and inhibits the re-uptake of dopamine, serotonin, and norepinephrine into pre-synaptic neurons. This leads to an accumulation of the respective neurotransmitters in the synaptic cleft and may result in increased postsynaptic receptor activation. Its effect on dopamine levels causes CNS stimulation and euphoria, and ultimately dependence. The mechanism of action through which cocaine exerts its local anesthetic effects is by binding to and blocking the voltage-gated sodium channels in the neuronal cell membrane. By stabilizing neuronal membranes, cocaine inhibits the initiation and conduction of nerve impulses and produces a reversible loss of sensation.


An alkaloid ester extracted from the leaves of plants including coca. It is a local anesthetic and vasoconstrictor and is clinically used for that purpose, particularly in the eye, ear, nose, and throat. It also has powerful central nervous system effects similar to the amphetamines and is a drug of abuse. Cocaine, like amphetamines, acts by multiple mechanisms on brain catecholaminergic neurons; the mechanism of its reinforcing effects is thought to involve inhibition of dopamine uptake.

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Pope Francis slams decision to allow burning of Al-Qur’an

Pope Francis leaves his weekly general audience in The Vatican
(AFP via Getty Images)

Pope Francis said he rejected the authorization of the burning of Al-Qur’an in an interview with UAE's newspaper al-Ittihad on Monday, adding that such acts made him angry.

“Any book considered holy should be respected to respect those who believe in it,” the pope said. “I feel angry and disgusted at these actions”

The remarks are considered the first statement by the head of the Catholic Church about incidents of burning copies of Al-Quran in Sweden.

“Allowing this is unacceptable and condemned,” he said, stressing that freedom of expression should not be used as an excuse to offend others.

“Our mission is to transform the religious sense into cooperation, fraternity, and tangible acts of goodness.”

A man tore up and burned an Al-Qur’an in Sweden’s capital Stockholm last week, resulting in strong condemnation from several countries.

While Swedish police have rejected several recent applications for anti-Al-Qur’an demonstrations, courts have over-ruled those decisions, saying they infringed freedom of speech

On Sunday, an Islamic grouping of 57 states said collective measures are needed to prevent acts of desecration to the Qur’ran and international law should be used to stop religious hatred.

The Organization of Islamic Cooperation (OIC) called for collective measures to prevent future incidents of Qur’an desecration on Sunday, after convening an emergency meeting of its executive committee to address the consequences of the sacrilegious act.

Following the call, Sweden condemned the desecration of Islam’s holy book, calling it an “Islamophobic” act.

Sweden has repeatedly permitted Qur’an burning in recent years. In January, a Swedish-Danish right-wing extremist burned a copy of the Qur’an near the Turkish embassy in Stockholm.

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Saudi Arabia and Russia deepen oil cuts, sending prices higher

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve.

Saudi Arabia said it would extend its voluntary oil output cut of one million barrels per day (bpd) for another month to include August, adding that the cut could be extended beyond that month.

Shortly after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August.

The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd.

OPEC+ already has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April and extended to December 2024.

Oil prices rose on news of the cuts, with Brent up 89 cents to $76.30 a barrel by 0950 GMT.

OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, pumps around 40% of the world's crude.

The alliance has been cutting supply to lift up prices since November last year due to weaker Chinese demand and rising U.S. supply but so far has failed to move them much from the range of $70-$80 a barrel.

"The kingdom's production for the month of August 2023 will be approximately 9 million barrels per day," Saudi state news agency SPA quoted an official source from the Ministry of Energy as saying.

Saudi Arabia, the de-facto leader of OPEC, had pledged earlier this month to make a deep cut to its output in July, on top of the broader OPEC+ deal to limit supply into 2024 as the group sought to boost flagging oil prices.

"This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," the SPA official source was quoted as saying.

Russia, the world's second largest oil exporter after Saudi Arabia, has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end.

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