Xi Jinping told the leaders of the Arab Gulf countries that China will work on the purchase of oil and gas in the yuan to realize the goal – establishing its currency at the international level and weakening the influence of the dollar on world trade. It is reported by Reuters.
The interlocutor of the agency said that the decision to sell a small amount of oil in the yuan may make sense for direct payment of Chinese imports. But, according to the Reuters source, to transition to nationalities for the supply of raw materials between the PRC and the Arab states, the right time has not yet come.
At the same time, it is understood that such a measure in the future is able to strengthen Yuan in large -scale trade and weaken the dominance of the US dollar as the main international reserve currency.
It is also assumed that the transition to trading in the yuan will establish its currency for calculation in oil transactions and weaken American influence on business in the oil field.
Despite the fact that Saudi Arabia and China signed several agreements on strategic and economic partnership, analysts say that relations will remain mainly related to energy interests.