Why is this happening?

Don't Saudis love the dollar?

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Time to free Saudi Arabia from those evil princelings if you catch my drift.

They love money. Not the dollar specifically.

The Saudi monarchy is propped up by the US anyway. Good riddance.

Saudis sell oil and receive dollars and then what? They have to buy dollar nominated assets with that dollar. They're worried they will end up sanctioned or locked out of the financial system like Russia were. If they receive yuan for some of their sales, they will have a diversified holding instead of having all their assets in the dollar. More likely they see the writing on the wall for the petrodollar system and want out.

It's time for your petro-dollar to go down the rain, alongside your standard of living.

You won't, your government wants to make you poor

Anyone expecting loyalty from the Saudis has never been to Saudi - they don't give a shit about anyone else.

We have to accept being poor so our government is strong enough to keep you people even poorer. It's the only way to stay on top.

This must be the Build Back Better I heard about.

Delusional monkey. Less than 10% of US trade is outside of NAFTA.

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Saudis hate Biden

It's complicated. Saudi's don't love the globohomo after Trump helped the prince to oust globohomo loving family.

US pushing EV was a direct attack on them, they are decade behind diversifying, better late than never.

Countries also don’t want to hold a currency that is losing value as fast as the dollar.

This user ACTUALLY gets it. I don’t think I’ve seen anyone give such a good concise answer

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It will still fuck you up in the geopolitical game so much that you won't be able to fund your supranational, globalist entities anymore to subjugate other nations.

The USA used their banking as a weapon against wrongthink too many times.

Incoherent screeching. The petrodollar was created in the 1970s to stabilize oil prices, because the entire world received oil from the Middle East. Some standard currency was needed, and the obvious choice was the currency of the government that guaranteed free trade on the world's oceans. The US is no longer reliant on Middle Eastern oil, therefore the system does not need to be maintained. Nothing about KSA moving away from petrodollars threatens the control of the seaways, which is the real and only source of power for the US.

This. This website doesn’t STFU about muh petrodollar, it’s not based on facts.

They will try to diversify over the next few decades. But switching from dollar sovereign risk to yuan sovereign risk is intellectually interesting. Haven't looked at the trade balance to see if it would make any sense at all.

th fuck you talkin bout nigga, americans don't even like the dollar

Don't be fooled by the 'petro', all of the world's business is done in dollars and KSA was just the stepping stone to get there
China doesn't really want to internationalize the yuan because they want to keep manipulating rates
KSA also doesn't want yuan, because Chinese manipulate its exchange rates
This is posturing, not irrelevant per se, but posturing

Enough Yuan denominated trade and it will become the world's reserve currency. China knows this and knows the dangers of being the world's reserve currency - does it want this for itself?

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