China's decision to make its exchange-rate regime more flexible won't have a major impact on Libya's oil trade, Libya's top oil official said Monday.
China
's
decision to make its exchange-rate regime more flexible won't have a major
impact on
Libya
's oil
trade,
Libya
's top
oil official said Monday.
"It will not affect oil. A yuan appreciation will make oil even cheaper
for them but it won't change demand for oil," Shokri Ghanem, chairman of
Libya's National Oil Corp., told Zawya Dow Jones by telephone.
However, an appreciation of the Chinese yuan would lead to a rise in the price
of Chinese commodities imported to
Libya
, in
turn making them less competitive, Ghanem said.
"If Chinese exports become more expensive they will be less competitive
and may lead to
Libya
importing from other sources," he added. "
India
and
other Far Eastern countries will be more attractive."
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