Cruxbuzz Staff
Image Source: Google
China and Saudi Arabia signed a local currency swap agreement worth $6.9 billion for three years
Cruxbuzz Staff
Image Source: Google
China is Saudi’s largest trading partner, with 83% of Saudi exports to China dominated by crude oil.
Cruxbuzz Staff
Image Source: Google
Instead of US dollar, Chinese yuan and Saudi riyal will be used to conduct bilateral non-oil trade.
Cruxbuzz Staff
Image Source: Google
China now has 30 swap agreements, most in the world.
Cruxbuzz Staff
Image Source: Google
China is pushing for de-dollarization by internationalizing its yuan through trade and investment in local currencies.
Cruxbuzz Staff
Image Source: Google
The dollar has become expensive due to monetary tightening by US government to curb inflation.
Cruxbuzz Staff
Image Source: Google
Major developing countries like India are also looking to reduce their reliance on dollar.
Cruxbuzz Staff
Image Source: Google
World’s trade and investments are currently made and measured in US dollar, which is the only true international currency right now.
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