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.
Breaking: Saudi Arabia is considering settling oil sales to China not in US Dollars but in Chinese Yuan.— Richard Medhurst (@richimedhurst) March 15, 2022
The decline of US hegemony is in full swing. This is exactly what we meant by the West "shooting itself in the foot". This is just the beginning.
Saudi Arabia is considering stopping using dollars in its #oil deals with China and using the yuan instead, reports The Wall Street Journal, citing sources.— sixtyfo16744883 (@sixtyfo16744883) March 15, 2022
It could be a severe setback for #US #dollar as a world currency.https://t.co/yvxbjY1llR