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

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.