This is Yuge, folks.
People don’t understand how Biden is destroying our position internationally.
It’s a long list. The leftists are insane.
if the Saudis were smart they’d insist on gold, silver or copper...
The amount of damage Dementia Joe has done to America’s economy, America’s prestige and America’s standing in just one short year is hard to believe.
Nature and politics abhor a vacuum.
Other than desperate Russia, it is very unlikely that any oil export nation will accept yuan as final payment for their oil. They might accept Chinese goods priced in yuan in barter deals but very much doubt their bankers want to hold significant amounts of yuan as a reserve currency.
They’ll probably take yuan if China is willing to pay a premium (overpay). It may be what it will take to break the back of the US dollar as the world’s reserve currency. Frankly, it should have happened when Nixon took us off the gold standard.
The forces of decomposition abroad in the world would love to topple the dollar as the world’s reserve currency. The yuan is an alternative. Russia, OPEC, Iran, China— controlling the world energy economy as the US sinks further into green swamp.
Arabs are also divesting from the UK big time. If they can rob Russians for being Russians, why won’t they rob someone else?
I heard a new currency for Asia is planned, a sort of Euro whereas China is going to play the role of Germany and Russia the role of France. The idea is to make the currency apolitical and a safe heaven against arbitrary sanctions for all concerned, and to try to trade most of the commodities in it.
Whether Saudi make good on this deal or not, this is a really troubling development.
Can’t blame them, they might as well get ahead of the dollar crash.
My guess is Xi won’t publicly call MBS a murderer in public.
This is a bad thing for the US. Most people you see on the street have no clue how bad this is.
But they can tell you all about the Kanye-Kim-Pete triangle.
There are times when I think our country deserves this.
Our friends the Saudis....
The adults are back, baby!!
America is once again respected in the world!!
81,000,000 votes!! Most in history!!
The uniparty in DC bears total responsibility for this. This cancellation of another country has led us here.
The US purposely ignited that war in Ukraine. It is unbelievable to me that people aren’t furious about this.
They wanted a color revolution in order to replace Putin. Drove him directly to China. Evil idiots. All of them. No wonder the Bible excludes them.
This is Biblical.
It's over for the US dollar if dollars no longer buy Saudi oil. this is yuge and serries.
Good luck with this fantasy.
The yuan (actually, called the renminbi when it is traded internationally) trades at a fixed exchange rate.
It will never work as a reserve currency unless it is allowed to float at a free market price.
Thanks Joe! Another sign of total weakness.
I don’t think it will happen. Yuan is not a freely exchangeable currency, getting Yuan is actually pretty useless because you can’t use it to buy other stuff.
Secondly, actually reading that article makes it obvious Salman and bin Salman are pulling Xiden's chain, which they should, but has less to do with any petroyuan, which they know would be radioactive in the eventuality China attacks Taiwan, which seems likely to occur during bin Salman's tenure.
"The talks with China over yuan-priced oil contracts have been off and on for six years...China introduced yuan-priced oil contracts in 2018 as part of its efforts to make its currency tradable across the world, but they haven’t made a dent in the dollar’s dominance of the oil market.The idea of the Saudis selling oil to China in yuan “highly volatile and aggressive” and “not very likely.” The official said the Saudis had floated the idea in the past when there was tension between Washington and Riyadh.
It is possible the Saudis could back off. Switching millions of barrels of oil trades from dollars to yuan every day could rattle the Saudi economy, which has a currency, the riyal, pegged to the dollar. Prince Mohammed’s aides have been warning him of unpredictable economic damage if he moves ahead with the plan hastily.
Doing more sales in yuan would more closely connect Saudi Arabia to China’s currency, which hasn’t caught on with international investors because of the tight controls Beijing keeps on it. Contracting oil sales in a less stable currency could also undermine the Saudi government’s fiscal outlook."