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Saudis Reportedly Eye Yuan-Based Sales Deal With China



Photo of Saudi Crown Prince Mohammad bin Salman
Saudi Crown Prince, Mohammed bin Salman. (AP File Photo/Amr Nabil)
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The world’s top oil exporter and the world’s biggest oil importer could shake up the US dollar’s dominance in the global petroleum market. Saudi Arabia is in talks to sell oil to China and be paid in yuan instead of dollars, according to a Wall Street Journal report.

If a Saudi-yuan deal were to be made, it would bolster China’s currency at the expense of the dollar as Beijing looks to challenge US leadership in financial markets.

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