Chinese President Xi Jinping hoped to buy oil and gas in RMB, but was slapped in the face by Saudi Arabian officials.

(Associated Press)

[Financial Channel/Comprehensive Report] During Chinese President Xi Jinping’s visit to Saudi Arabia, he signed 34 investment agreements, covering green energy, green hydrogen, photovoltaics, big data technology, cloud services, etc. He also said that he would make full use of Shanghai’s oil and gas The exchange is a platform to carry out oil and gas trade RMB settlement business.

In this regard, Saudi Arabian officials bluntly said that it is not the time yet, and they have not heard of this incident.

The Wall Street Journal reported that China and Saudi Arabia signed a number of commercial agreements last week, with an initial value of more than US$29 billion, covering areas such as clean energy, technology and manufacturing.

Xi Jinping held talks with Saudi Crown Prince Mohammed bin Salman and signed a comprehensive strategic partnership agreement with Saudi Arabia.

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On the sidelines of the six-country summit of the Gulf Cooperation Council (Gulf Cooperation Council, GCC) last Friday (9th), Xi Jinping said that China will continue to import large quantities of crude oil from GCC countries, expand imports of liquefied natural gas, and strengthen Cooperation in oil and gas upstream development, engineering services, storage, transportation and refining.

He said that China will use the platform of the Shanghai Oil and Gas Trading Center to carry out RMB settlement of oil and gas trade.

Regarding Xi's proposal to settle oil and gas in RMB, Saudi Foreign Minister Faisal bin Farhan Al Saud said, "I don't know anything about it."

The Saudi source also told Reuters that "now is not the time" for oil exports to China to be settled in yuan.

According to the report, the negotiations between China and Saudi Arabia on oil contracts denominated in RMB have been going on and off for 6 or 6 years. Already started.

The outside world has judged that the idea of ​​settling energy transactions in RMB may lead to a new rift between Saudi Arabia and the United States. At present, Saudi Arabia seems to be retreating.

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