Saudi Switch to Yuan Seen as Symbolic, Not True Threat to Dollar

Nonetheless, China has made the internationalization of the yuan a prime precedence. And nations together with Russia, India and Saudi Arabia have sought to incorporate non-dollar funds of their monetary techniques to cut back their dependence on the U.S. This 12 months’s sanctions on Russia, and the potential financial devastation stemming from its isolation, have introduced a brand new sense of urgency amongst these nations, in accordance with some strategists.