PRESIDENT Xi Jinping visited Saudi Arabia last December during the first China-Arab States Summit and the China-Gulf Cooperation Council Summit. The state visit furthered China’s 2018 initiative to shift more trade in oil to the renminbi from the US dollar.
Meanwhile, the US-led sanctions on Russia since the Ukraine war in February 2022 has boosted the already burgeoning Sino-Russian trade, prompting Russia to increase its usage of the renminbi and China’s Cross-Border Interbank Payment System (Cips) for oil trade to bypass the US-dollar-dominated Society for Worldwide Interbank Financial Telecommunication (Swift).
If Saudi Arabia and Russia were to work further with China, the amount of renminbi-denominated...
Keyword added to your list