Xi Jinping urges oil trade in yuan at Gulf summit

People’s Republic of China President Xi Jinping told Gulf Arab leaders that China will work to buy oil and gas in yuan, which will contribute to his country’s goal of establishing its currency internationally and weakening the the US dollar’s grip on world trade.

During the summit in Saudi Arabia, Crown Prince Mohammed bin Salman proclaimed a “historic new phase of relations with China.”

For his part, Xi noted that China will continue to import large amounts of oil from Arab Gulf countries and expand imports of liquefied natural gas, adding their countries are natural partners who will continue to cooperate in upstream oil and gas development.

China will also “make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade,” Xi stated.

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