The United States dollar’s position as the chief currency of trade for the global oil industry has been a foundation of the American economy for decades, keeping inflation at bay amid the Fed’s unprecedented printing of money.
But now Saudi Arabia and China are in talks to price some of the monarchy’s oil sales in the Chinese yuan, rather than dollars, the Wall Street Journal reported Tuesday.
Citing people familiar with the matter, the paper said that after six years of off-and-on discussions, talks stepped up this year amid Riyadh’s strong opposition to Washington’s nuclear negotiations with Iran and other issues.
