News / Economic Divide

Dollar, rise of petro-yuan

Thursday, 05 January 2023 12:21 AM [ Last Update: Thursday, 05 January 2023 6:43 AM ]

President Xi Jinping's historic visit to Saudi Arabia was not good news for the US. First, the dollar system. He told Persian Gulf Arab leaders that China wants to buy oil and gas in yuan, a move that would support Beijing's goal to establish its currency internationally and weaken the US dollar's grip on world trade.

Any move by Saudi Arabia to ditch the dollar in its oil trade would be a seismic political move. It is said that the US economy would be decimated if Saudi Arabia would ditch the petro-dollar system and opt for a petro-yuan one: to what degree would the US economy suffer?

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