Socio-Economics History Blog

Socio-Economics History Blog

China Calls for Oil to be Traded With Yuan at Gulf Summit in Saudi Arabia — China’s Xi Looks to Devalue Dollar in Push for Arab Oil Pushes in Yuan

by mosesman
In this photo made available by Saudi Press Agency, SPA, Saudi Crown Prince and Prime Minister Mohammed bin Salman, right, greets Chinese President Xi Jinping, during the Gulf Cooperation Council (GCC) Summit, in Riyadh, Saudi Arabia, Friday, Dec. 9, (Saudi Press Agency via AP / AP Newsroom)
  • China Calls for Oil to be Traded With Yuan at Gulf Summit in Saudi Arabia
    by , FOXBusiness
    China’s Xi looks to devalue dollar in push for Arab oil pushes in yuan
    Chinese President Xi Jinping on Friday called on leaders from the top oil producing nations to conduct oil sales by using the Chinese yuan as he looks to bolster his country’s currency. The move echoes steps Beijing took earlier this year with Russia and is an attempt to not only help push the yuan as a top international currency but aims to weaken the U.S. dollar – currently valued at $.14 per 1 Chinese yuan.
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    Xi addressed Gulf leaders in Saudi Arabia where Crown Prince Mohammed bin Salman hosted two events with Beijing to demonstrate Riyadh’s burgeoning relationship with China amid strained relations with the U.S. over human rights issues, energy and its relationship with Russia.
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