Saudi Arabia welcomes using China yuan for oil sales: Report

A senior Saudi official, Bandar Al-khorayef, pointed out that the country is adaptive to new ideas, including the use of China’s yuan for crude oil settlements, as kingdom of Saudi Arabia (KSA) seeks to boost its economy and enhance bilateral relations with China, South China Morning Post reported.

Al-khorayef stressed that Saudi Arabia will give primary importance to its interests and explore diverse opportunities, sidelining politics from commerce. The adoption of the “petroyuan” at broader level is seen as a vital step in the yuan’s internationalization, challenging the US dollar’s dominance in global commodity markets.

China has been promoting the use of its currency in international trade, also involving a currency swap deal with Saudi Arabia and a preference for local currency settlements with trade partners.

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