Peopleโs Republic of China President Xi Jinping told Gulf Arab leaders that China will work to buy oil and gas in yuan, which will contribute to his countryโs goal of establishing its currency internationally and weakening the the US dollarโs grip on world trade.
During the summit in Saudi Arabia, Crown Prince Mohammed bin Salman proclaimed a โhistoric new phase of relations with China.โ
For his part, Xi noted that China will continue to import large amounts of oil from Arab Gulf countries and expand imports of liquefied natural gas, adding their countries are natural partners who will continue to cooperate in upstream oil and gas development.
China will also โmake full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade,โ Xi stated.
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