Xi Jinping invited Arab countries to transfer payments for oil supplies to yuan

The President of the People's Republic of China (PRC), Xi Jinping, invited the leaders of the Arab countries to switch to oil trading in yuan. The Shanghai Oil and National Gas Exchange may become a platform for settlement in national currencies for the supply of raw materials, Qazet.az reports according to Reuters reports.

It is reported that the decision to sell small amounts of yuan oil to China could make sense to directly pay for Chinese imports.

However, the time has not yet come for the transfer of settlements to national currencies for raw material supplies between China and the Arab countries. At the same time, it is assumed that this measure may further strengthen the position of the yuan in global trade and weaken the dominance of the US dollar as the main world reserve currency.