China’s Xi advocates for yuan settlement of oil and gas trade with Gulf states | Forexlive

Xi is on a trip to Saudi Arabia today and there he said that Gulf states should make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade.

I don’t know how effective he will be at pushing trade in that direction but given what’s happened to Russia’s US dollar holdings, there are certainly a few Gulf states that wouldn’t mind an alternative.