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…