Will pricing Gulf oil in Chinese yuan break the dollar's hegemony??

It is stated that China, which is the second largest economy in the world and is getting closer to the power of the US economy, plans to use its own local currency instead of dollars for oil purchases..

The oil and gas trade of Saudi Arabia and the Gulf countries with China is carried out on the Shanghai Stock Exchange and in Chinese yuan., It is interpreted as an additional move that will reduce the dominance of the US dollar in the global energy market..

average per day 7,5 Saudi Arabia, the world's largest oil exporter with millions of barrels, stop pricing oil in dollars and return to yuan; Qatar taking the same step for its liquefied gas, considered as a blow to the dollar's hegemony in the international foreign exchange market.
Possibility of shifting balances in the oil and gas sector

China is the world's largest oil and gas importer and second largest consumer, The picture becomes clearer given that Saudi Arabia is the largest exporter and Qatar is the second largest exporter of liquefied gas.

Beijing, which imports large quantities of Gulf oil, Agreed with Doha to import larger quantities of liquefied gas. This integrates the economies of China and the Gulf countries..

Yuan's, It is theoretically possible to use it in domestic trade with the Gulf countries.. But such a move, May worry the US, which closely monitors China's expansion in traditional spheres of influence in the region.

Washington, Chinese President Xi's visit to Riyadh “It is an example of China's attempts to expand its influence around the world and that this will not change US policy towards the Middle East.” expressed.

However, The New York Times newspaper of the USA, In march “Saudi Arabia, Considering accepting yuan instead of dollar when selling oil to China” He published an article entitled.

China is no longer just a country that imitates Western products.; It has become a competitor to the USA in modern technology, especially in the fifth generation telecommunications service provided by the Chinese company Huawei, and has increased security concerns in the USA..

Saudi Arabian government and Chinese technology company Huawei, In early December, an information and communication technologies initiative aiming to rapidly advance Saudi Arabia's digital transformation. (BİT) signed a cooperation agreement.

Riyadh signs memorandum of understanding with Huawei to build cloud computing technology and high-tech complexes in Saudi Arabian cities, It could be seen as another challenge for Washington, which has warned the world's countries that allowing Huawei to build fifth-generation networks will pose security risks..

Despite these warnings from the USA, Huawei, Participated in the establishment of fifth generation networks in most of the Gulf countries. This situation, USA and Western countries, means losing some important markets in the region.

King Salman bin Abdulaziz of Saudi Arabia and President Xi of China 8 In December “comprehensive strategic partnership agreement” signing, marks a new stage in the development of relations.

This agreement also includes the cooperation of Saudi Arabia, where Chinese companies are expected to contribute. “NEOM” China's project regarding “One Belt and One Road Project” with Riyadh 2030 It also represents the harmony between the vision.
China's security activities in the Gulf countries

Chinese President Xi, in Saudi Arabia 7-9 Although he did not sign military agreements during his participation in the three summits in December, “Comprehensive in the Middle East, a collaborative and sustainable security system” announced its support for the establishment of.

This step, By selling modern weapons, China, either by deploying military industries to the region or by Saudi Arabia's “peaceful” helping him create a nuclear program, Shows willingness to contribute to supporting Gulf security.

China's strengthening of its military presence in the Gulf states may also weaken the previously established security alliance with the United States..

Within this alliance, Saudi Arabian oil facilities, Washington is known to have refused to sell drones to Riyadh when it was bombed with drones and ballistic missiles allegedly belonging to the Iran-backed Houthis..

However, Riyadh, He did not want to change his alliance with Washington, but turned to expanding his partnership with the great powers.. In this context, Saudi Arabian Foreign Minister Saud al-Faisal 2004 in his statement in, relationship between the country and the United States “is on the basis of multiple partnerships, not single” expressed.

Saudi Arabia, with the USA “divorce” while not ruling out the issue, wants to have more than one strategic partner; China is one of these partners.. Despite this, Riyadh is still Tehran's “enemy” when Washington needs, China is allied with Iran.
From China to Palestine, from Arab countries “one china” support for policy

Although its relations with Tel Aviv have improved in recent years, Beijing, at the Arab Summit held in Algeria in early November. “1967 establishment of the Palestinian state with East Jerusalem as its capital.” showed no hesitation in reaffirming his support for.

Algerian Prime Minister Ayman bin Abdurrahman from Beijing “Palestine's efforts to grant full membership status to the United Nations.” In response to a request for support, Chinese President Xi, “Granting Palestine full membership in the UN” said it was necessary.

The Chinese President went even further and declared that the historical injustice suffered by the Palestinians cannot continue.; stated that legitimate rights cannot be compromised.

Arab leaders are “one china” reiterated its support for the policy and stated that Taiwan is part of Chinese territory..

This issue was addressed in the Riyadh Declaration made at the end of the Arab States-China Summit a few days ago., “Taiwan is an integral part of Chinese territory and any independence is denied” included in the statement.


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1 year ago

Америкашки за свои грязны доллары смогут только своим рабам энергоресурсы толкать. Да и то те уже взбрыкивать стали, узнав про 4 кратную наценку. Остальные уже на юань и рубли перешли

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