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Saudi Oil, USD and Chinese Yuan

Saga
Saga Posts: 303 Forumite
Part of the Furniture 100 Posts Name Dropper
in Savings & investments
Is talk of Saudi Arabia exploring using the yuan as the preferred currency for some or all oil sales instead of USD just scaremongering about something that will never happen or even if it does won't lead to end of US/Western global hegemony anyway, or are you taking this seriously and if so how are you shielding you and your family's livelihood, savings and investments?
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Comments

  • tacpot12
    tacpot12 Posts: 9,527 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    I don't think it will lead to much of a change. Oil sales to the West are going to decline over the coming years. It's probably a sensible move by Saudi Arabia.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The decline of the influence of the US$ has been muted for some time.  Asia is where the future lies. Younger and wealthier. Not burdened with the woes of the Western developed world. 
  • tebbins
    tebbins Posts: 773 Forumite
    500 Posts Name Dropper
    Asia's demand has certainly been growing for some time with an explosion in population and living standards but most of East Asia's demographics are hardly sustainable, and failing to provide opportunities for your people, leading to mass emigration being a major career option, isn't exactly how to build an economic success story.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Asia doesn't carry the debt burden of the G7. Not everyone printed money to combat the pandemic. 
  • tebbins
    tebbins Posts: 773 Forumite
    500 Posts Name Dropper
    Thrugelmir said:
    Asia doesn't carry the debt burden of the G7. Not everyone printed money to combat the pandemic. 
    PensionCraft presents some good points on this (https://youtu.be/7ddBuDF3SZY). 
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