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Saudi Arabia has dropped the petrodollar and is reorienting its trade to align with China and its digital RMB system. What are your predictions? (hexbear.net)

submitted 1 year ago by ReadFanon@hexbear.net to c/chat@hexbear.net

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Interesting times ahead.

I was wondering what you all see happening from this point and what sort of timeframes you think these things will play out on.

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[–] ElGosso@hexbear.net 12 points 1 year ago (1 children)

The petrodollar hasn't really mattered since the 70s, when the US dollar became the world's premier banking reserve currency

[–] GaveUp@hexbear.net 21 points 1 year ago* (last edited 1 year ago) (1 children)

Well oil trade makes up part of the demand of why USD is the reserve currency no? Ofc it used to be a much larger portion of the total demand