Saudi Oil, USD and Chinese Yuan

Saga

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?

tacpot12

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.

Thrugelmir

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

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

Asia doesn't carry the debt burden of the G7. Not everyone printed money to combat the pandemic. 

tebbins

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).