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Saudi Switch to Yuan Seen as Symbolic, Not True Threat to US Dollar
Saudi Arabia appears to be sending a political message to the U.S. with reports that it will consider accepting yuan payments for oil sold to China, currency strategists say. The world’s largest crude exporter, which has been in talks with China over yuan-priced contracts for six years, has sped up the negotiations, the Wall Street Journal reported Tuesday. The offshore yuan erased earlier losses after the report, yet investors from Nordea Investment Management to Generali Insurance Asset Management said it changes little for the dollar’s status as the world’s reserve currency. “I don’t know if it is really ... (full story)
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