China aims to break US petro-dollar by buying oil in Yuan

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On Friday, Chinese leader Xi Jinping spoke in Saudi Arabia, telling Arab leaders that China is prepared to purchase gas and oil in the Persian Gulf in the Chinese currency of yuan, a change that would weaken the value of the US dollar in global trade, and potentially bankrupt the American economy.

According to Reuters, Crown Prince Mohammed bin Salman on Friday said it was a “historic new phase of relations with China” at the start of his talks with the country, and foreign Minister Prince Faisal bin Farhan Al Saud said “We don’t see this as a zero sum game,” over his country’s growing relationship with China.

“We do not believe in polarisation or in choosing between sides,” he added.

Chinese leadership has been moving to substitute its currency for the US dollar in the role of global trade, which would increase the communist country’s control of international markets and destabilize the American economic infrastructure both internationally and domestically. 

The Saudi Arabian currency of riyal is interlinked to the US dollar, with most of Saudi Arabia’s assets and reserves are in US dollars, including more than $100 billion of US Treasuries bonds that Riyadh, the capital of the Middle Eastern country, holds.

China has been increasing its influence in the Middle East for years, and Xi and Prince Mohammed met during two Arab summits designed to bolster relations between the two nations.

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