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At a summit with Arab leaders on Friday, China’s President Xi Jinping pushed for the settlement of energy trades in the Chinese yuan — a move that could weaken the US dollar’s global dominance in the long run.
At the summit, Xi said China will continue to import large quantities of oil and gas from Gulf states and conduct its settlement in the Chinese yuan, or RMB, according to a statement from China’s foreign ministry. Most of the world’s trade is now denominated in the US dollar.
“The Shanghai Petroleum and Natural Gas Exchange platform will be fully utilized for RMB settlement in oil and gas trade,” Xi said, according to a transcript of his speech published by the government-owned China Daily.
