Chinese President Xi Jinping said that China intends to conclude energy deals in yuan with the Persian Gulf countries. He said this at a meeting with Arab leaders in Riyadh. Therefore, the yuan will become more and more relevant. 

According to the Chinese leader, quoted by Reuters, China and the Gulf countries should make full use of the Shanghai National crude oil and Gas Exchange as a platform for settlement in yuan. Thus, the Chinese authorities plan to increase the percentage of Chinese yuan in circulation and compete with the dollar. 

Diplomatic sources told Reuters on Nov. 30 that a Chinese delegation to Saudi Arabia could sign dozens of agreements and memorandums with Persian Gulf countries and other Arab states on energy, security and investment. Xi willhold meetings with King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman.

We previously reported that U.S. shipping companies have increased shipments of uranium and palladium to the United States from Russia.