China will settle with the strange Persian Gulf in Yuan-Xi
2022.12.09 09:28
China will settle with the strange Persian Gulf in Yuan-Xi
Budrigannews.com – In Riyadh on Friday, Chinese President Xi Jinping said that the Shanghai Petroleum and National Gas Exchange should be used by China and the Gulf countries to settle oil and gas trades in yuan.
Xi said in a speech at the China-GCC summit that states of the Gulf Cooperation Council (GCC) and China are ideal partners for cooperation.
He stated, “China will continue to import large quantities of from GCC countries, expand imports of liquefied,” “make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade,” and “strengthen cooperation in upstream oil and gas development, engineering services, storage, transportation, and refining.”
In his speech, Xi suggested collaborating in additional areas in the next three to five years, such as finance and investment, aerospace, innovation and new technologies, and languages and cultures.
Xi stated, “China is willing to carry out financial regulatory cooperation with GCC countries,” “support sovereign wealth funds of both sides to cooperate in various forms,” and “establish a joint investment association with GCC.”
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He added that China will also deepen its cooperation in digital currencies, carry out local currency swaps, and establish working mechanisms for bilateral investment and economic cooperation.
Xi also urged China and the GCC nations to work together to promote unity, development, and security in his speech.
The visit of Xi comes at a time when Riyadh’s long-standing alliance with Washington has been strained due to concerns about human rights, Russia’s energy policy, and Gulf doubts about the commitment of America’s main security guarantee to the region.
