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Active negotiations between Beijing and Riyadh to sell part of Saudi oil to China with “Yuan” instead of dollars are underway.

China buys more than a quarter of Saudi Arabia’s oil exports, which means that assigning the yuan to these contracts will significantly boost the international image of China’s currency.While China and Saudi Arabia have been discussing the pricing of oil contracts in yuan for 6 years, recently, the urgency of these talks has increased due to Saudi dissatisfaction with the policies of the US government.

If Saudi Arabia starts successfully selling its oil to China in yuan, this move could be replicated by other major suppliers of fuel to China, such as Angola and Iraq, and even Russia. It seems that the sale of oil in other currencies is booming among countries.

Two days ago, the Reuters news agency quoted two informed Indian officials as saying that India is considering Russia’s offer to buy crude oil and other basic commodities from this country at a discount and by paying in rupees-roubles. Turkish media, quoting the president of this country, Recep Tayyip Erdogan, announced that the country plans to use the ruble for trade with Russia. Previously, Iran also sold part of its oil to India in rupees, and New Delhi has a business in this field.

https://www.cnbc.com/2017/10/11/china-will-compel-saudi-arabia-to-trade-oil-in-yuan–and-thats-going-to-affect-the-us-dollar.html