China’s Global Economic Juggernaut Status Could Get Big Boost Thanks to Growing Power of Petroyuan
Saudi minister of industry and mineral resources Bandar Al-Khorayef told the South China Morning Post this week that Riyadh is ready to “do what’s in its best interest” and “try new things,” including the use of the petroyuan in settlements for crude oil.
Russian economist Nikita Maslennikov believes the petroyuan has potential as a major alternative to the petrodollar, foreseeing it accounting for up to 8% of global transactions by 2030, despite pressure from other market players.
Dr. Wang Zhimin from China’s University of International Business and Economics points to the trend of “dedollarization” in China-Middle East trade, emphasizing the growing interest in using the yuan for oil payments as a reflection of a changing global monetary system.
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