$ Dominance Collapsing: New Saudi Arabia-China ¥ Deal!

The Export-Import Bank of China, known as China Exim Bank, made the first loan in cooperation with the Saudi National Bank in yuan. This will facilitate financial cooperation under the framework of the China-proposed Belt and Road Initiative, as Saudi Arabia is now a part of it. This makes it now official. Saudi Arabia is trading with China using the yuan. This is a very important shift with long-term geopolitical and economic implications, and it will change the global financial system. From an economic perspective, the funds will be preferentially used to meet the demand of China-Saudi Arabia trade projects. This move shows the rising role of the yuan on the international stage, expanding from trade settlement to loans. This first instance of cooperation between Saudi Arabia and the China Exim Bank will help facilitate financing and trade among countries and regions along the routes of the Belt and Road Initiative.