China and Saudi Arabia Agree on ¥50 Billion Currency Swap Deal.

#china #dollar #saudiarabia #brics #oil

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I have been covering the move away from the petrodollar by countries like China and Russia for many years and reiterated back in 2017 that it would be a gradual process but that it would take place.

The main reason for covering this topic is not to bash the dollar or the West but to warn how this process of de-dollarization would affect the purchasing power of the dollar and other Western currencies.

Bloomberg article: https://www.bloomberg.com/news/articles/2023-11-20/chinese-saudi-central-banks-sign-currency-swap-worth-7-billion?leadSource=uverify%20wall