China Saving $100 Billion on Oil Imports

China will save $100 billion on its oil import bill in just six months thanks to the collapse in crude prices.

That assumes prices remain at current levels, said Boqiang Lin, a leading China energy economist.

“And we don’t have to do anything,” he added. Lin is dean of the China Institute for Energy Policy Studies.

Speaking at a CNN panel on emerging markets at the World Economic Forum in Davos, Lin said China — the world’s largest importer of oil — was hoping prices stay low and give the economy a boost.
“Low prices give us momentum and job creation,” said Zhou Xiaochuan, governor of the People’s Bank of China.

Cheaper oil could also buy China time to pursue more economic reforms, he said.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza