Several international players are competing to finance projects in African countries, and New Delhi will be at a disadvantage if it does not proactively engage in strengthening development partnerships. As an emerging power that is actively pushing South-South Cooperation (SSC), India has to convince its partners the advantage of Indian development assistance, which adheres to principles of horizontal cooperation and mutual benefit.
The Coming of the Petroyuan?
China’s launch of a yuan-denominated oil futures exchange will provide it with the opportunity to create an Asian crude oil benchmark and give it more clout in crude pricing and for promoting the yuan as a truly global currency.