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US dollar's dominance in oil markets may face challenge as Saudis reportedly eye yuan-based sales deal with China
Saudi Arabia is in talks to sell oil to China and be paid in yuan instead of dollars, according to a Wall Street Journal report.
About 80% of global oil sales are done in dollars, and Saudi Arabia has conducted its deals exclusively in the greenback since 1974. So if a Saudi-yuan deal were to be made, it would bolster China's currency at the expense of the dollar as Beijing looks to challenge US leadership in financial markets.
The likelihood of a potential deal between Saudi Arabia and China has picked up recently, according to the Journal.
Messing with the petro-dollar always raises the stakes.
“The society that puts equality before freedom will end up with neither, the society that puts freedom before equality will end up with a great deal of both.” --Milton Friedman
i would certainly want to convert a large portion of my income to a currency that has exploded from a third world country just a few years ago to one almost the size of the US economy. I bet the ink is still wet on most of those yuan.
the multi billion dollar company Evergrande (sp?) going bust must be a good sign for the saudis.
What this does is open the gates for more and more sales to be in non-dollar transactions; the less the dollar is used by other Countries, the more inflation we will have here at home.
“The society that puts equality before freedom will end up with neither, the society that puts freedom before equality will end up with a great deal of both.” --Milton Friedman
Animal wrote: ↑Wed Mar 23, 2022 2:00 am
i would certainly want to convert a large portion of my income to a currency that has exploded from a third world country just a few years ago to one almost the size of the US economy. I bet the ink is still wet on most of those yuan.
the multi billion dollar company Evergrande (sp?) going bust must be a good sign for the saudis.
At the rate the U.S. is printing money I surprised the ink doesn't bleed on our fingers.
Last edited by Antknot on Wed Mar 23, 2022 2:57 pm, edited 1 time in total.
Animal wrote: ↑Wed Mar 23, 2022 2:00 am
i would certainly want to convert a large portion of my income to a currency that has exploded from a third world country just a few years ago to one almost the size of the US economy. I bet the ink is still wet on most of those yuan.
the multi billion dollar company Evergrande (sp?) going bust must be a good sign for the saudis.
At the rate the U.S. is printing money I surprised the ink doesn't billed on our fingers.
I would agree with that, but think what China has done in the past 20 years or so. It defies the laws of building an economy.