Saudi, China and renminbi oil sales

Were Saudi Arabia to accept renminbi for its oil exports to China, it would be a symbolic move but it would also run into a number of economic practicalities, especially given that the Kingdom could quickly accumulate large holdings of renminbi. It may be a sign, though, that in a world that is likely to split into US and China camps in the coming years, the Kingdom may be leaning towards China.

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