Diana Choyleva, is a leading expert on China’s economy and politics. She is Chief Economist at Enodo Economics, an independent macroeconomic and political forecasting company she set up in 2016 to untangle complexity, challenge the consensus, and give pointers to the future by making sense of today.
Enodo’s focus is China and its global impact. Diana has been covering China for over two decades and has written three books, most recently “China’s Quest for Financial Self-reliance in 2022. In 2023 she joined JPMorgan Asia Growth and Income plc as a Non-executive Director to the Board. Later that year, Diana joined the Asia Society Policy Institute’s Center for China Analysis, as a non-resident Senior Fellow on the Chinese economy.
Is China’s digital currency revolution reshaping the foundation of global oil trade? While the dollar has dominated international oil markets for half a century through the petrodollar system, significant changes are emerging. Recent developments show China successfully completing its first cross-border crude oil settlement in digital yuan, while simultaneously expanding RMB-based trade with major oil producers.
The research reveals fascinating dynamics: China isn’t trying to replace the dollar globally – instead, it’s building a parallel system for its own trade needs. Through technological innovations like the mBridge platform and Shanghai oil futures contracts, China is creating new pathways for international oil settlements that bypass traditional dollar-based systems.
Yet the evidence suggests this isn’t a story of rapid change, but rather of strategic long-term positioning. The key question isn’t whether de-dollarization is happening, but how quickly and in what forms.
Join us for an analysis of how China’s technological innovations and energy security strategy are gradually reshaping the architecture of the global oil trade.
Before Enodo Diana worked at Lombard Street Research (now TS Lombard) for 16 years, most recently as their Chief Economist and Head of Research. She joined LSR after completing her master’s degree in Economics in 2000 and over the years has covered a wide range of developing and developed economies.