Algemeiner: President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing’s goal to establish its currency internationally and weaken the US dollar’s grip on world trade.
Xi was speaking in Saudi Arabia where Crown Prince Mohammed bin Salman hosted two “milestone” Arab summits with the Chinese leader which showcased the powerful prince’s regional heft as he courts partnerships beyond close historic ties with the West.
Top oil exporter Saudi Arabia and economic giant China both sent strong messages during Xi’s visit on “non-interference” at a time when Riyadh’s relationship with Washington has been tested over human rights, energy policy and Russia.
Any move by Saudi Arabia to ditch the dollar in its oil trade would be a seismic political move, which Riyadh had previously threatened in the face of possible US legislation exposing OPEC members to antitrust lawsuits. Read More …
Opinion: While Joe Biden celebrates bringing home a basketball player busted for drugs, who in the summer of 2020 spoke out in favor of removing the national anthem from the start of games, and would remain in the locker room until it was done playing, the real trouble Biden has created is over oil. You know, that black gold stuff that runs the world and keeps billions out of abject poverty? That stuff, that the US has in abundance, but pretends we don’t need. Yeah, that stuff.
Consider this: Now that Joe Biden has begged (to no avail), to buy oil from every dictator on the planet to make up for the 2 million barrels the US does not produce anymore, the obvious next insult will be those very oil despots having the last laugh as the US dollar is under fierce attack.
If China is successful in a yuan reserve currency to challenge the dollar, the entire way of life in America will change as the nations sell dollars to buy yuan.
Our post from July 16, 2022
“China And Russia Want To Replace US Dollar With BRICS Currencies”
The BRICS—an acronym for Brazil, Russia, India, China, and South Africa—held a summit on June 23. The meeting, chaired by Chinese leader Xi Jinping, was part of a lengthy series of BRICS cooperation events, which began on June 6 with the second finance ministers and central bank governors meeting and ended with the second meeting of the committee of senior energy officials on June 28.
In his opening remarks, Xi stated, “We should also expand BRICS cooperation on cross-border payment and credit rating to facilitate trade, investment, and financing among our countries.”
8 months ago: “Fed Chair Jerome Powell: It’s possible to have more than one reserve currency”
While the BRICS nations, Brazil, Russia, India, China, South Africa, make up 3.2 billion people out of 7.9 billion, or 40% of the population of the world, many analysts do not believe that either the yuan or a new BRICS currency could have enough global reach.
On October 16, 2022, Saudi Arabia shocked the world …
“Saudi Arabia expresses desire to join BRICS family”
President Cyril Ramaphosa [South Africa] has confirmed that the Kingdom of Saudi Arabia has expressed a desire to join the Brazil, Russia, India, China and South Africa (BRICS) family.
The president concluded his State Visit to the Kingdom, confident that both countries have cemented their continued bilateral cooperation and consolidated their strategic partnership.
Will China’s yuan be the 2nd world reserve currency, or will a new BRICS +Saudi Arabia currency replace the Petrodollar (crude oil export revenues denominated in U.S. dollars)?
Either way, God is about the shake the nations.
“For thus says the Lord of hosts: ‘Once more (it is a little while) I will shake heaven and earth, the sea and dry land” Haggai 2:6.