Saudi finance minister: open to settlement of trade in non-dollar currencies

Saudi Arabia’s finance minister, Mohammad al-Jadaan, said on the sidelines of the Davos forum that the kingdom was open to discussing trade in currencies other than the dollar. In an interview with Bloomberg Television in Davos on Tuesday, Jadan said the kingdom would not exclude any discussion that would help improve global trade. The outside world believes that this may be another challenge to the hegemony of the US dollar. | Related reading (The Paper)

Won Min

After reading this news, you may recall that many media have recently reported that Saudi Arabia is considering using RMB to settle its oil transactions with China, and then they are calling for the internationalization of RMB. However, after careful study, it seems that Saudi Arabia has not made a relevant statement. From the official response of Saudi Arabia in this news, it can be seen that Saudi Arabia’s attitude towards this is very vague. It mentioned the euro and the dollar, and did not further mention RMB settlement. The cooperative relationship between Saudi Arabia and China is mentioned, but RMB settlement is still not mentioned. It seems very diplomatic, but it also shows that the so-called RMB settlement may be misunderstood.

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