BRICS Alliance and Regional Countries Challenge the Dominance of the US Dollar
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#eb220739 ver:0.11

Chinese President Xi Jinping visited Riyadh, Saudi Arabia, symbolizing the deepening ties between China and Saudi Arabia. China aims to challenge the global dominance of the dollar by trading oil and gas in renminbi. Talks about pricing oil sales to China in renminbi have been accelerating, and in November, China and Saudi Arabia signed a currency swap agreement worth 50 billion yuan, allowing Saudi Arabia access to Chinese currency and vice versa. If China's oil and gas trade operates in renminbi, it will be outside the Western financial system and effectively unsanctionable. The renminbi's use in global trade finance has tripled in the last three years, and it overtook the euro as the second-most used currency in global trade in September. While the dollar is still dominant globally, the...

#newstr #Brics #UsDollar #Renminbi #OilTrade #CurrencyDiversification #GlobalFinancialSystem #MiddleEast #Egypt #Mena #GulfStates 

 https://here.news/story/eb220739?ver=0.11