Saudi Wants China’s RMB For Oil As BRICS Threatens USD With Payment System Backed By Gold

Saudi Arabia's recent openness to accepting Chinese renminbi for oil transactions marks a significant shift in global trade dynamics. This move, announced in September 2024, could potentially weaken the U.S. dollar's dominance in oil markets.
Simultaneously, BRICS nations are developing a new payment system, potentially backed by gold, to challenge the dollar-based financial order. This initiative, set to be announced in October 2024, aims to reduce reliance on SWIFT and mitigate the impact of U.S. sanctions.
These developments reflect growing global efforts towards de-dollarization, driven by concerns over U.S. monetary policies and the weaponization of the dollar through sanctions.
If implemented, these changes could reshape the international financial landscape, impacting everything from currency values to geopolitical power structures. However, challenges remain, including the complexities of establishing new financial infrastructure and overcoming the dollar's entrenched position in global trade.
Sources
China-Saudi RMB Settlement Will Insulate the Oil Trade From U.S. Sanctions:
asiasociety.or...
Can Saudi Arabia switch from the US dollar to the Chinese yuan?
www.specialeur...

[@petergreen5337]

❤Excellent work and news .well done Saudi Arabia well done BRICS. This is good for the WORLD. COOPERATION is BETTER than conflict.

[@eliyaskeen]

Dude jus wait for 2 years....😂

[@aremean9129]

When the BRICS currency is officially being used, immediately PEG it's value to USD in ratio if 1 : 10.
Let the USA feels how it is when trading with currency far ahead in value against his own.

[@oguzibrahim5413]

Good 👍

[@GeoFlux]

Thanks for the visit

[@MSN1701]

Time for Mexico to join brics