Analysis News TheBitTimes.com

Saudi Arabia and China sign 57 deals worth over $3.73 Billion USD just recently, and the agreements mark a major advancement in local currency cooperation and also de-dollarization efforts between the nations. The deals, which were signed at the Saudi-Chinese Business Forum in Beijing this month, are enhancing BRICS-aligned trade and also promoting currency substitution between these economic giants right now in 2025. Also Read: BlackRock Bitcoin ETF Soars as Abu Dhabi and Hong Kong Investors Pump Over $1 Billion Saudi-China $3.73B Agreements Boost Trade, Finance, Currency Use Source: Watcher Guru As Saudi Arabia and China sign 57 deals worth over $3.73 billion USD, at the same time institutional cryptocurrency market activity has also increased significantly. The BlackRock ETF inflows at the time of writing reflect growing confidence among major investors who are seeking alternative asset classes in today’s changing financial landscape. Strengthening Bilateral Economic Ties In at...

The Saudi Arabian regime is intensifying its efforts to broaden its economic endeavors. Unfazed by the recent petrodollar lapse with the US, the Saudi Arabian regime has reported a trade balance surplus worth $11 billion availed via the nation’s non-oil exports. Also Read: 10 ASEAN Countries To Launch New Currency, Challenge US Dollar: CME Saudi Arabia Is Flourishing Source: iStock.com / azatvaleev Saudi Arabia’s decision to not renew the petrodollar agreement may prove detrimental to the US, but the Arabs seem to be unfazed by the idea. The recent data available from the General Authority of Statistics revealed staggering new details about how Saudi Arabia is flourishing by diversifying its economic frontiers. The data further revealed that the nation has acquired a trade balance surplus of $11 billion, the highest in seven months. The surge in trade balance surplus metrics has been driven primarily by the regime promoting its non-oil exports in efforts to rectify its econ...

Saudi Arabia will not be attending the ongoing BRICS Sherpas meeting which is scheduled from January 30 to February 1, 2024. Russia is hosting the BRICS Sherpas meeting and delegates from nine countries are attending the event, except Saudi Arabia. Delegates from BRICS countries Brazil, Russia, India, China, South Africa, the UAE, Egypt, Iran, and Ethiopia are present, while Saudi Arabia has given the Sherpas meeting a miss. Read here to know why Saudi Arabia plans to reject BRICS membership in the coming weeks. The Kingdom does not want to risk alienating the West after it recently decided to open its borders to tourism. Also Read: BRICS: UAE Pays China With New Digital Dirham, Ditches US Dollar Why Saudi Arabia Declined BRICS Sherpas Meeting? Source: (Bandar Aljaloud / Saudi Royal Palace via AP) Russia’s Deputy Foreign Minister Sergey Ryabkov said on Tuesday that Saudi Arabia will not attend the BRICS Sherpas meeting due to “technical issues”. The Mini...

BRICS members China and Saudi Arabia have kick-started the de-dollarization efforts by keeping the US dollar out for cross-border transactions. China and Saudi Arabia officially signed a $7 billion currency swap deal that favors their local currency the riyal and yuan. The three-year agreement allows trade to be settled in local currency with a cap of 50 billion yuan or 26 billion riyals. Therefore, the US dollar will play no role in trade for up to $7 billion between the two BRICS members. Also Read: Argentina to Decline BRICS Membership & Support US Dollar The trade deal is more symbolic than an agreement indicating Saudi Arabia ’s willingness to step away from the US dollar. China is on a campaign to convince other countries to trade in local currency and end reliance on the US dollar. The Xi Jinping administration is internationalizing the Chinese Yuan in an attempt to dethrone the US dollar’s global reserve currency status. Signing a $7 billion currency s...