China brokers Iran-Saudi peace: big blow to petrodollar, geopolitical game changer
Geopolitical Economy Report
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The End of the Petro Dollar
Xi said that China will use Shanghai petroleum and natural gas exchange as a platform to carry out Yuan settlement of oil and gas trade. This is a significant blow to the hegemony of the US dollar and the petro dollar system. Iran has been at the forefront leading the global campaign of de-dollarization, pushing for new currencies for international trade. It's taken a decade, but now even Saudi Arabia is joining as well.
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