from Hacker News

Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales

by mrleiter on 3/15/22, 2:38 PM with 5 comments

• by adriancr on 3/15/22, 3:49 PM

  > In a series of meetings, the United States and the Saudi royal family made an agreement. The United States would offer military protection for Saudi Arabia's oil fields, and in return the Saudi's would price their oil sales exclusively in United States dollars (in other words, the Saudis were to refuse all other currencies, except the U.S. dollar, as payment for their oil exports).[54][55]

  From: https://en.wikipedia.org/wiki/Saudi_Arabia%E2%80%93United_St...

  I doubt SA will give up US protection so they might just want to renegotiate terms.

• by david927 on 3/15/22, 3:18 PM

  Publicly announcing that "they're considering it" is the first stage to actually implementing it.

  And the moment that happens I think history books will use as the marker for a new era.

• by guard0g on 3/15/22, 6:05 PM

  Likely, this allows both SA and China to reduce their dollar reserve assets, especially since the dollar has been weaponized against Russia and Afghanistan in recent days.