Can the Yuan Replace the Dollar as the World’s Reserve Currency? — Market Mad House

The Chinese and Saudi Arabian governments are trying to end the US dollar’s reign as the world’s reserve currency.

Officials are negotiating a deal that could allow buyers to pay for Saudi oil in the Yuan, Quartz reports. The Renminbi, or Yuan, is the currency of the People’s Republic of China.

A yuan-for-oil deal could be a fundamental change because the Saudis have only accepted US Dollars for oil since 1974. Hence, global markets set oil prices in US Dollars…

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Daniel G. Jennings

Daniel G. Jennings

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Daniel G. Jennings is a writer who lives and works in Colorado. He is a lifelong history buff who is fascinated by stocks, politics, and cryptocurrency.