Ras Tanura oil refinery in Saudi Arabia. China wants to complete more yuan-for-oil deals with Gulf nations, largely so it can buy fuel without intervention from the United States. Photo: AFP
China’s Middle Eastern business will increase yuan-for-oil-deals, but dollar expected to stay dominant in world trade
- China is looking to expand the use of the yuan in oil and gas settlements with the six Gulf Cooperation Council states
- While the currency is likely to get a boost in energy markets, the yuan will not replace the US petrodollar, analysts say
Ras Tanura oil refinery in Saudi Arabia. China wants to complete more yuan-for-oil deals with Gulf nations, largely so it can buy fuel without intervention from the United States. Photo: AFP
