Chinese President Xi Jinping has offered to sell oil and gas to the Persian Gulf Arab states in Chinese yuan. If the Arab countries accept this proposal of the Chinese president, the dollar will weaken in terms of world trade, and on the contrary, the Chinese currency, the yuan, will become stronger internationally.

Xi Jinping made this proposal on Friday at a summit with the leaders of the Persian Gulf Cooperation Council or GCC countries in Riyadh, the capital of Saudi Arabia. Saudi Crown Prince Mohammed bin Salman organized the conference.

He said China and other countries could use the Shanghai Petroleum and National Gas Exchange to settle oil and gas prices.

He also said that China will develop bilateral investment and economic cooperation mechanisms to complete commercial transactions in the local currency and deepen cooperation on digital currencies.

Ahead of the Chinese president’s visit to Saudi Arabia, a source in Riyadh said it would now be logical to sell a small amount of oil in yuan. If Saudi Arabia ditches the dollar for oil sales, it will be an earthquake in world politics. However, when the United States threatened to take legal action against OPEC members a few days ago for breach of trust, Saudi Arabia threatened to stop the use of dollars in oil sales.

China’s influence in Arab and African countries is increasing day by day, which is embarrassing for America. In this situation, the President of China visited Saudi Arabia and held a meeting with the leaders of the Arab countries, which is seen as a very important event in world politics. – Source: IRIB.

10th December/ES