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Saudi Arabia Considers Accepting Yuan Instead of Dollars for Oil Sales to China- WSJ report

WJS report claims Saudi Arabia is actively negotiating with China

oil in Yaun Saudi Arabia Considers Accepting Yuan | OyeYeah News
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Saudi Arabia is considering accepting Yuan instead of Dollars for its oil sales to China, claims a report published by Wall Street Journal on Tuesday.

WSJ report claims that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan.

Quoting people familiar with the matter, the publication said that such a move 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, according to WSJ.

The report has left the hashtag #Dollar trending on social media, with claims that Dollar dropped amid the WSJ report claims.

 

 

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.