Saudi Arabia and China agree to shift oil trade from dollar to yuan

Saudi Arabia and China have signed an agreement that provides for the use of the Chinese yuan instead of the US dollar in oil trade. The move is seen as a development that will shake the dollar's dominance in the Gulf region.

Scraper SystemJuly 18, 2026, 10:50 AM

Saudi Arabia and China agree to shift oil trade from dollar to yuan

Saudi Arabia and China have signed an agreement to replace the US dollar in energy trade. Under the deal, oil transactions between the two countries will be conducted in the Chinese yuan.

The agreement paves the way for the yuan to replace the long-dominant dollar in oil trade in Gulf countries. The move is seen as an important step that will affect regional economic balances.