Kolkata,The world is well into another ‘cold war’ which is being fought in
financial markets over oil and currencies, economic commentator Simon
Hunt said here on Wednesday at an MCC Chamber of Commerce & Industry
event.
In the emerging polarisation, India might be playing the right card to gain without involving itself.
“The US was waging a war for regime change in Moscow by depressing crude
oil price and rouble value. Against it, the challenge from Russia-China
axis was real now. China was helping Russia both on oil and currency
fronts. India, which always pursued independent foreign policy, seems to
be observing the situation,” he said.
The recent fall in crude oil price has benefited India. In the unfolding
US geopolitical game of containing China, Hunt indicated that India
might gain in South China Sea, or in Afghanistan or Iran, or Central
Asia.
He pointed out that India wants to be a full-fledged member of the Shanghai Cooperation Organisation.
The underlying economic indicators of the ensuing conflicts were
manifest in various forms. Hunt said that China was swapping as much as
28 currencies and keeping Russian companies liquid by taking equity
positions in its state-owned enterprises. It was also providing debt
finance to Russia.
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