Saudi Arabia ‘open’ to using China yuan for oil sales: report

[Beijingwalker]

Saudi Arabia ‘open’ to using China yuan for oil sales: report​

September 12, 2024



A senior Saudi official, Bandar Al-khorayef, indicated that the country is receptive to new ideas, including the use of China’s yuan for crude oil settlements, as Saudi Arabia seeks to diversify its economy and strengthen ties with China, South China Morning Post reported.

Al-khorayef emphasized that Saudi Arabia will prioritize its interests and explore new opportunities, separating politics from commerce. The broader adoption of the “petroyuan” is seen as a significant step in the yuan’s internationalization, challenging the US dollar’s dominance in global commodity markets.

China has been promoting the yuan’s use in international trade, including a currency swap deal with Saudi Arabia and a preference for local currency settlements with trade partners.

The widespread use of the US dollar in oil transactions, generating petrodollars, reinforces its role as the global reserve currency.

Saudi Arabia and China have moved closer in recent years.

Huawei, a leading Chinese telecommunications firm, has made inroads into the Middle Eastern market by establishing a cloud data center and offering automation expertise.

Saudi Arabia’s civil aviation regulator has been discussing potential partnerships with multiple aerospace suppliers, including Chinese companies, to find innovative ways to use their upgraded aluminum in the aviation industry. This includes a recent agreement with a Chinese aircraft manufacturer to localize the aviation industry and strengthen the local supply chain.

 

[Beijingwalker]

After Russia accepted yuan for its oil, Gulf countries will lose big if they don't follow suit.

 

[BHAN85]

Luxuries items for GCC ruling elite can be bought only in USD.

That's what matters.

 

[muhammed45]

Saudi Arabia ‘open’ to using China yuan for oil sales: report​

September 12, 2024

View attachment 64707

A senior Saudi official, Bandar Al-khorayef, indicated that the country is receptive to new ideas, including the use of China’s yuan for crude oil settlements, as Saudi Arabia seeks to diversify its economy and strengthen ties with China, South China Morning Post reported.

Al-khorayef emphasized that Saudi Arabia will prioritize its interests and explore new opportunities, separating politics from commerce. The broader adoption of the “petroyuan” is seen as a significant step in the yuan’s internationalization, challenging the US dollar’s dominance in global commodity markets.

China has been promoting the yuan’s use in international trade, including a currency swap deal with Saudi Arabia and a preference for local currency settlements with trade partners.

The widespread use of the US dollar in oil transactions, generating petrodollars, reinforces its role as the global reserve currency.

Saudi Arabia and China have moved closer in recent years.

Huawei, a leading Chinese telecommunications firm, has made inroads into the Middle Eastern market by establishing a cloud data center and offering automation expertise.

Saudi Arabia’s civil aviation regulator has been discussing potential partnerships with multiple aerospace suppliers, including Chinese companies, to find innovative ways to use their upgraded aluminum in the aviation industry. This includes a recent agreement with a Chinese aircraft manufacturer to localize the aviation industry and strengthen the local supply chain.

Arynews? Bring up better source man. Its more like a rumour. It would be a great idea but i have no doubt its impossible.

Sauds are queen's lackies not to mention that China possesses nuclear jokes. So.....

 

[nahtanbob]

After Russia accepted yuan for its oil, Gulf countries will lose big if they don't follow suit.

What is the point of having yuan ? Can I buy Chinese properties or Chinese companies ?

 

[Beijingwalker]

What is the point of having yuan ? Can I buy Chinese properties or Chinese companies ?

What?

 

[FHN]

What is the point of having yuan ? Can I buy Chinese properties or Chinese companies ?

Sure if you have the money. What kinda question is that lol.

 

[FHN]

It doesn't matter what the Saudi decides to do. A lot of the trade can be done through CIPS.

 

[nahtanbob]

Sure if you have the money. What kinda question is that lol.

Have you tried to purchase anything in China ? Have you moved money in and out of China ? It is better not to comment

 

[FHN]

Have you tried to purchase anything in China ? Have you moved money in and out of China ? It is better not to comment.

Lmao china is the world biggest exporter. U can buy literally buy anything with Chinese yuan unlike the rupee which has no value whatsover.

 

[FHN]

Have you tried to purchase anything in China ? Have you moved money in and out of China ? It is better not to comment

Even the Russian demands India to trade in RMB which shows how useless it is. Russia don't import shit from India but china can offer Russia plenty of things for trade and they can also invest in china.

 

[FHN]

U can also trade commodities through Shanghai exchange

https://twitter.com/x/status/1779959684893450296

China is setting up commodities trade through Shanghai exchange. Remember china has been importing large quantities of gold,silver,copper,and many others.

 

[FHN]

It makes sense for the Saudi to trade with china in yuan instead of the dollar. China is aramco largest trading partner and they can use the rmb to invest in china. Win win Https://www.scmp.com/business/artic...nvestments-oil-chemical-plants-china-ceo-says

 

[FHN]

China is also the leader in green and renewable energy. Solar,electro plants,wind farm,EV and batteries, nuclear technology. U name it china is an expert in everything. They can pay china in RMB and china can set them up for a bright future transition to a cleaner greener economy. And what can India offer to the world? lol maybe cheap slave labor import to the Gulf that's it.

 

[FHN]

China trade with the Arab League surged to 394 billion us dollars last year. They don't really have to trade everything in RMB. As long as they trade through local currencies that's fine with china because china is also the largest big importer of their oil. the Saudi still trade in the US dollars for security reasons. China needs to step up on that front and deal a blow to them. With upcoming 5th generation fighter j-31 in testing phase I expect china to be a major defense exporter in the future. China is already a major drone partner with a whole lots of countries.

What more can I say? Lol they can also invest in Chinese government bond instead of US treasury at least u know your assets won't be stolen by the trigger happy West. Russia is the prime example.