China’s President Xi identified two ‘priority areas’: the transition to using the Chinese currency in oil and gas deals done between the Arab League countries and China and bringing Chinese nuclear technology to GCC countries.
, the principal topics of conversation were to finally seal a China-GCC Free Trade Agreement and to forge a “deeper strategic cooperation in a region where U.S. dominance is showing signs of retreat.” At last week’s meetings, President Xi and Crown Prince Salman signed a China-Saudi partnership pact with King Salman, demonstrating still-deepening ties.
To look at the first of Xi’s urgent priorities – moving away from the core U.S. dollar pricing of the energy markets and substituting the renminbi instead – to begin with. China has long regarded the position of its renminbi currency in the global league table of currencies as a reflection of its own geopolitical and economic importance on the world stage.
China has also long been acutely aware of the fact that, as the largest annual gross crude oil importer in the world , it is subject to the vagaries of U.S. foreign policy tangentially through the oil pricing mechanism of the U.S. dollar. This view of the U.S. dollar as a weapon has been powerfully reinforced since Russia’s invasion of Ukraine and the accompanying U.S.
Saudi Arabia, still regarded in the Middle East as one of its two leading powers – the other being Iran – has long been receptive to the idea of replacing the U.S. with the Chinese renminbi for its energy dealings with China. In August 2017, just after Saudi Arabia had been defeated in its 2014-2016 Oil Price War that it instigated to derail the threat to its power from the then-nascent U.S.
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