Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization – Economics Bitcoin News

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Saudi finance minister Al-Jadaan stunned reporters when he said Saudi Arabia is open to trading in other currencies. Economics

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Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization

After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi Jinping, urging the Gulf monarchs to accept yuan for oil, and Riyadh officials saying last March the country would consider accepting the Chinese currency.

I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world. The Saudi Arabian finance minister’s statements have been interpreted as another step toward de-dollarization. To understand why Al-Jadaan’s comments are significant, one must

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