China Calls For Oil Trade In Yuan Currency At Gulf Summit

Chinese president, Xi Jinping, is on a 3-day visit to the Middle East which is the first visit since 2016. During Xi’s visit, he called upon its Arab friends that China seeks to purchase oil and gas in yuan, a move that would help Beijing’s goal of internationalizing its currency and decrease the influence of the U.S. dollar on global trade. 

New Phase Of Relations

Things are changing quite fast as the world’s largest oil-producing nations are discovering new partners. China, a global economic powerhouse, and Saudi Arabia, the top oil exporter, both issued stern messages to the rival, the United States. The US has always been providing security to the Saudis in a rough neighborhood, but things are changing big time. 

Can Have Multiple Friends

When asked about Saudi’s closeness to US competitors, Saudi’s Foreign Minister, Foreign Minister Prince Faisal, said “We don’t see this as a zero-sum game”. Saudi can have multiple friends while maintaining good relations with the US, he meant.

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