The transition of the Saudi oil and gas company Saudi Aramco to settlements in yuan instead of dollars in trade with China will be a “real explosion” for the oil market with serious consequences for the modern financial system, Zhang Yugui, dean of the Faculty of International Finance and Trade at Shanghai University, expressed this opinion in an article in Huánqiú Shíbào .

According to him, after media reports that Saudi Arabia is considering using the yuan to settle oil deals with China and the dialogue between Russia and India on the creation of a rupee-rouble trade payment mechanism, Western public opinion as a whole started talking about the weakening of the hegemony of the dollar in the world oil market.

According to Yugui, a possible switch from the dollar to the yuan in trade with China by Saudi Aramco, a company with revenues of more than $350 billion, will affect the global market for trading energy commodities. "It will be a real explosion. Therefore, such predictions in the Western media are more like pre-prepared signal tests," the expert said.

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"It makes no sense to ship our goods to the EU and the US and receive payment in dollars and euros," he said.