US pressures Saudi Arabia to sell oil in dollars, not Chinese yuan
Geopolitical Economy Report
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Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales
President Xi made an incredible speech in Saudi Arabia. He revealed that the countries had come to an agreement by which China would buy oil and gas from the Persian Gulf region using its own currency, Renminbi. This is a direct challenge to the petrodollar system on which the hegemony of the US currency is based. But thus far, there's been a lot of speculation. We don't really know what's going to happen.
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