China and Saudi Arabia developments (1 Viewer)

[Orange&Blue]

I can't see this being anything but bad news for USD and I'm concerned about future impacts to USA. Thoughts? Obviously, no political discussion. Hopefully this is allowed.

China to use Shanghai exchange for yuan energy deals with Gulf nations - Xi

China's President Xi Jinping said in Riyadh on Friday that China and Gulf nations should make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade.

www.reuters.com

China calls for oil to be traded with yuan at Gulf summit in Saudi Arabia

Chinese President Xi Jinping called on the top oil producing nations to accept oil purchases with the Chinese yuan in a move to boost nation's currency.

www.foxbusiness.com

 

[The Z Machine]

While it's not "good" for the US to see oil sold in other currencies, I think that China is overplaying their hand here.