Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales
By Summer Said in Dubai and Stephen Kalin in Riyadh, Saudi Arabia
Updated March 15, 2022 11:48 am ET - WSJ
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Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.
The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said. (...)