Destroy Dollar Hegemony! China And Saudi Arabia Sign 50 Billion RMB Currency Swap Deal #china

#china #chinanews #saudiarabia #usa #dollar #oil ✨✨✨✨✨✨✨✨✨✨✨✨ As we all know, the reason why the United States has been able to maintain its status as the largest economic power is that, in addition to its strong corporate and technological strength, there is another important reason, and that is the US dollar hegemony system. As the world’s common currency, the U.S. dollar has been dominant for nearly a century and should be difficult for any currency to shake. But in recent years, we can observe that the status of the US dollar in the Middle East seems to be declining sharply. In fact, as the major oil exporting countries in the Middle East have turned their attention to the East, more and more countries have begun to believe that the petro-renminbi system is rising, and the US dollar, which has dominated the oil market for a century, is gradually losing its status. On November 20, 2023, Saudi Arabia and China signed an important local currency swap agreement. This agreement involves the swap of 50 billion yuan for 26 billion Saudi riyals for a period of three years. This means that some Middle Eastern countries are accelerating their abandonment of the US dollar, and the RMB has become their primary choice. So far, China has signed bilateral currency swap agreements with about 40 countries, including some loyal allies of the United States. So why are Middle Eastern countries resisting the dollar? What does the bilateral currency swap agreement signed by Saudi Arabia and China mean? ----------------------------------------------