China not to change determination to deepen strategic cooperation with Saudi Arabia -- Xi

[Adam WANG SHANGHAI MEGA]

China not to change determination to deepen strategic cooperation with Saudi Arabia -- Xi 习近平
Source: Xinhua| 2017-11-16 19:48:41|Editor: Xiang Bo



BEIJING, Nov. 16 (Xinhua) -- China will not change its determination to deepen strategic cooperation with Saudi Arabia no matter how international and regional situation alters, Chinese President Xi Jinping said Thursday.

Xi made the remarks in a phone conversation with Saudi King Salman bin Abdulaziz Al Saud.

DF3 of Saudi Arabia with maxi.range of 2800 kms!
KEY WORDS:China

 

[Taimoor Khan]

Stick at it China. Bring the petro dollar down.

 

[war&peace]

We welcome China-KSA relations.

 

[Mangus Ortus Novem]

Translation:

- The overall strategic framework will continue unabated...as agreed between PRC and KSA.

- The cooperation will only deepen in more concrete terms...military equipment/technological cooperation is setting up KSA industrial base.

- And the KSA/GCC oil shall be traded in Yuan with China.

- That China's offer of buying 5% stake into KSA oil company is still on the table. Or the IPO in Shanghai/HK.

- That China sees relationship with KSA as strategic and evolving away from the US/Petrodollar equation.

 

[Muhammed45]

Stick at it China. Bring the petro dollar down.

China is making considerable moves :
And you are spot on.


Saudi Arabia wants to kill the petrodollar - economist
Published time: 16 Nov, 2017 13:42
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Saudi Arabia's King Salman welcomes Trump to dance with a sword during a welcome ceremony at Al Murabba Palace in Riyadh © Jonathan Ernst / Reuters
wrote in an article for his website Alt-market.com.

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China could shatter petrodollar by compelling Saudi Arabia to trade oil in yuan
The site claims its goal is to “facilitate barter networking and the exchange of knowledge and ideas for thriving in a faltering monetary environment.”

According to the economist, Saudi Arabia’s Crown Prince Mohammed Bin Salman has been seeking ways of cutting dependence on the US dollar. Smith says the country’s Vision 2030 program may be not about reducing oil’s share in the economy, but killing the petrodollar.

“Prince Mohammed's revolutionary "Vision for 2030" developed as he entered power was touted as a means to end Saudi reliance on oil revenues to support economic stability. However, I believe this plan is NOT about ending reliance on oil, but ending reliance on the US dollar. In fact, the plan indicates a move away from the dollar as the world's petrocurrency and a de-pegging of the riyal from the dollar,” he wrote.

A 1974 agreement between US President Richard Nixon and Saudi King Faisal meant Riyadh has been accepting dollars for all its oil exports.

“Prince Mohammed has also established much deeper ties to Russia and China, creating bilateral agreements which may end up removing the dollar as the mechanism for oil trade between the nations,” Smith added.

 

[Adam WANG SHANGHAI MEGA]

China is the 2rd largest economy it is natural to.trade in yuan,Saudi arabia bro surely understand that have multiple choices are always better than limited ones!

CHINA has no intention to.control.Saudi arabia or being Master of Arab region,CHINA is more like trade and economy oriented but of course we are willing to cooperate with KSA in military field like our fathers and grand fathers did!
We have no problems at all with your religion and tradition,we respect them and a powerful Arab empire is in the best interest of CHINA.
HOPE CHINA and KSA can do more business on DF3,DF21 and UAV CH4!

 

[武成王]

It's supposed to be irrelevant with petro-dollar, US is the most important alley of KSA, it won't proactively undermine the dominance of dollar in oil transaction.

This conversation is probably relevant with the recent 'anti-corruption' movement in KSA, it's sort of explanation-endorsement, as major oil customer of KSA, China apparently has concern over the stability of current KSA regime, it make sense that the King and Xi had such a conversation to communicate over this issue, then China explicitly endorse the reform by publishing such a news to deliver this message to the rest of world.

The King visited China in March, Trump visited KSA in May, the King visited Russia in October (this never occurred before). It looks like not a coincidence KSA started its power consolidation process in the name of 'anti-corruption' later, the first step of political, cultural and economic reform. It's very important to obtain support from major global powers to smoothly execute their plan.