President Xi Jinping’s recent visit to Saudi Arabia seeks to disrupt the U.S.’ influence in the region and deepen relationships with one of the largest oil exporting countries in the world, with the signing of multiple agreements. Each move put more pressure on the U.S. to reevaluate its relationship with Saudi Arabia.
China’s plan to expand use of its currency for oil trading with six Middle Eastern countries will elevate use of the yuan in global commerce, but it will not unseat the petrodollar or make major gains outside energy markets.