Hacker News Reader

No, they will not be paying in dollars. Only pay the dollar-equivalent price, but in other currencies. Saudi Arabia is accepting RMB from China for example.

https://oilprice.com/Energy/Energy-General/China-And-Russia-...

View on HN

Yes, but the price is set in dollars and then exchanged to RMB at the rate set on the floating market.

That won't always be the case. Basically, it's all about with whom you trade most. If Saudi Arabia finds themselves in a position where they have 50+% of their imports and export originates in China it will make sense to switch to RMBs to all trades, and the dollar price of oil, or other goods becomes irrelevant. And the Chinese economy is on track to become bigger that American by 2030.

Reply on news.ycombinator.com