News broke today from the Wall Street Journal that China and Saudi Arabia (via Saudi Aramco) are coming to an agreement for oil purchases denominated in yuan. This would be in direct competition with the US Dollar’s monopoly on oil trade. This change could be a catalyst in kicking the US Dollar from reserve currency status.
With headlines like “80% of All US Dollars in Existence Have Been Printed in the Last Two Years” and sanctions coming US hegemony aligned powers it makes sense why Saudi Arabia would want to hedge their bets. The survival rates of leaders challenging the Petrodollar is pretty dismal, but maybe this time it really is different.
Stokedwallet will be monitoring this story for updates and pass on to our readers.