China Snubs U.S.: Xi Jinping challenges Dollar’s dominance, calls to trade oil in Yuan | Details

 

Xi Challenges The Dollar Dominance In World Economy 

China calls for oil trade in Yuan at gulf summit 

Can China Yuan beat the greenback in global trade?

Xi Jinping told gulf leaders that China would work to buy oil and gas in Yuan. China move is aimed at establishing its currency internationally and weakening the US dollars years of grip on the whole world trade. 

Xi made his ambitions clear when he met Saudi crown prince MBS for talks on Friday . He also held separate talks with heads of persian gulf state at the gulf summit . 

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Both Saudi and China sent strong message during Xi visit on non-interference . This at a time of strained ties between Saudi and US over energy policy and Russia .Any move from Saudi to ditch the dollar in oil trade would be a seismic political move . China and Russia growing influence in the gulf has already unnerved the United States. 

In November China ramped up oil purchases by 12% year-on-year , despite covid curbs. Saudi Arabia was China number-one oil supplier in the first 10 months of 2022 .West sanctions on Russia have also generated keen interest in Yuan and other currencies. 

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