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US dollar under serious threat as Saudi Arabia’s top official discloses that the country is open to using Yuan for crude settlement amid the upcoming BRICS Summit.  However, the US could “put up a fight” as former president Donald Trump proposes 100% tariffs on countries moving away.  The de-dollarization strategy is still on as Saudi Arabia seeks to implement the BRICS long-term goal by moving away from the Petrodollar to the Petroyuan. While the Middle Eastern country has not yet joined the alliance, it has been invited to attend the 2024 summit. Before its official acceptance, Saudi Arabia doubled its effort to strengthen its existing relationship with China by incorporating Chinese products such as the C919 passenger jet, electric vehicles, and renewable energy infrastructure.  To take this relationship to the next level, Saudi Minister of Industry and Mineral Resources Bandar Al-khorayef has disclosed that the country is open to new ideas, including using yuan in a crude settlement. According to him, their decision hinges on the country’s best interest, as they try not to mix politics with business. The petroyuan is not substantial to [the ministry]; we believe Saudi Arabia will do what’s in its best interest … but I think Saudi Arabia will always try new things and is open to new ideas, and we try not to mix politics with commerce. According to experts, the broader use of petroyuan is seen as the next step for the internationalization of the Chinese currency and a challenge to the US dollar’s dominance. Beijing’s effort to advance the reach of the Yuan in international trade is evident in the three-year currency swap deal signed with Saudi Arabia last year. This deal was worth 50 billion yuan (US$7.1 billion) and demanded that trading partners trade in local currencies.  Saudi Arabia Defends Idea,…

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Filed under: News - @ September 13, 2024 4:10 am