July 21, 2018, 7:05 pm
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1 Philippine Peso = 0.0687 UAE Dirham
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1 Philippine Peso = 0.03442 Neth Antilles Guilder
1 Philippine Peso = 0.51646 Argentine Peso
1 Philippine Peso = 0.02528 Australian Dollar
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1 Philippine Peso = 0.01606 Euro
1 Philippine Peso = 0.03917 Fiji Dollar
1 Philippine Peso = 0.01429 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08962 Ghanaian Cedi
1 Philippine Peso = 0.88982 Gambian Dalasi
1 Philippine Peso = 168.66816 Guinea Franc
1 Philippine Peso = 0.14005 Guatemala Quetzal
1 Philippine Peso = 3.88103 Guyana Dollar
1 Philippine Peso = 0.1468 Hong Kong Dollar
1 Philippine Peso = 0.44747 Honduras Lempira
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1 Philippine Peso = 21.15413 Korean Won
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1 Philippine Peso = 0.31076 Moldovan Leu
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1 Philippine Peso = 0.15122 Macau Pataca
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1 Philippine Peso = 2.04293 Nepalese Rupee
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.02554 Singapore Dollar
1 Philippine Peso = 0.0143 St Helena Pound
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1 Philippine Peso = 153.38571 Sierra Leone Leone
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1 Philippine Peso = 393.68313 Sao Tome Dobra
1 Philippine Peso = 0.16367 El Salvador Colon
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1 Philippine Peso = 0.24845 Swaziland Lilageni
1 Philippine Peso = 0.62252 Thai Baht
1 Philippine Peso = 0.04952 Tunisian Dinar
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1 Philippine Peso = 0.08966 Turkish Lira
1 Philippine Peso = 0.12587 Trinidad Tobago Dollar
1 Philippine Peso = 0.57159 Taiwan Dollar
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1 Philippine Peso = 0.01871 United States Dollar
1 Philippine Peso = 0.58277 Uruguayan New Peso
1 Philippine Peso = 145.09914 Uzbekistan Sum
1 Philippine Peso = 2239.05724 Venezuelan Bolivar
1 Philippine Peso = 431.12608 Vietnam Dong
1 Philippine Peso = 2.04265 Vanuatu Vatu
1 Philippine Peso = 0.04883 Samoa Tala
1 Philippine Peso = 10.52881 CFA Franc (BEAC)
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1 Philippine Peso = 10.52881 CFA Franc (BCEAO)
1 Philippine Peso = 1.90591 Pacific Franc
1 Philippine Peso = 4.67265 Yemen Riyal
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Oil traders ready for musical chairs as China tariffs loom

NEW YORK- Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of US energy products, including crude.

China, which has bought an average 330,000 barrels per day (bpd) of US crude oil this year, is threatening to place a 25 percent tariff on various US commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.

The decision came in response to US President Donald Trump saying he was pushing ahead with hefty tariffs on $50 billion of Chinese imports.

And it triggered an aggressive response by Trump, who on Monday threatened to slap a 10 percent tariff on $200 billion of Chinese goods in addition to the import duties previously announced. 

The tariffs could restrict the flow of US barrels going to China - a business now worth almost $1 billion per month 

About 14 million barrels of US crude are set to arrive in China in July, which would be the highest monthly figure on record, according to Thomson Reuters flows data.

An import duty would make US oil less competitive than other crudes, almost certainly resulting in a sharp fall of Chinese purchases, forcing US oil firms to find other buyers.

In the first three months of this year, US crude made up around 5 percent of China’s total crude imports, according to Chinese customs data. 

“It’ll take the (US oil) industry a few months to find new outlets,” said Scott Shelton, a broker at ICAP in Durham, adding that US crude flows to Europe and the Mediterranean will likely pick up.

Outside China, however, WTI remains near a $10 per barrel discount to Brent.

Many traders expect this discount to widen further should the flow of US oil to China slow, meaning that other producers would have to deal with high volumes of cheap American oil becoming available in other big markets, including Europe.

China, in turn, is likely to replace the US oil with increased purchases from top suppliers Russia and Saudi Arabia.

Saudi and Russia are already pushing for an increase in production at a meeting of The Organization of the Petroleum Exporting Countries (OPEC) this week. 

“I think it would create a carousel affect where China then buys more alternate grades and other importers buy more US grades,” a US-based trader with a global merchant said.

The United States, where oil production has risen by almost a third in the last two years to a weekly record of 10.9 million bpd, relies heavily on exports to maintain market balance.

Billions of dollars worth of infrastructure projects are currently underway to facilitate exports further, with China at the center of export growth forecasts.

“Port of Corpus Christi is at the gateway to global markets and certainly to China ... at the end of the day, we are all looking at the long game, which is, we will be selling more energy to China,” said Sean Strawbridge, chief executive of the Port of Corpus Christi Authority in Texas. - Reuters
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