Is China’s Mission of the World’s Reserve Currency closer to reality?Saudis may seek funding in Chinese Yuan Aug. 24, 2017 https://www.reuters.com/article/us-saudi-china-idUSKCN1B413R
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Beginning of link JEDDAH, Saudi Arabia (Reuters) – Saudi Arabia is willing to consider funding itself partly in Chinese yuan, a senior Saudi official said on Thursday, raising the possibility of closer financial ties between the two countries.
The Saudi government has started borrowing tens of billions of dollars abroad in the past year to cover a big budget deficit caused by low oil prices, but its foreign bond issues and loans have been denominated entirely in U.S. currency.
Obtaining some funds in yuan could give Riyadh more financial flexibility and would mark a success for China, the biggest market for Saudi oil, in its drive to make the yuan a top international currency.