This week Chinese energy representatives met by video with the Saudi Energy Minister and both sides expressed a strong desire to build a long, solid, and lasting cooperation in the energy sector. China is gradually taking over the US position in the Middle East energy system following the US-Saudi standoff. China and Saudi Arabia have already established a channel for oil settlement in RMB, and China will probably establish a new “Oil-RMB” in the next three to five years, different from the dollar system.
According to the latest data published on the Federal Reserve’s website, the US dollar is the primary anchor currency for approximately 66% of the world’s countries. These countries account for approximately 77% of the world’s total economic output and conduct their transactions through the SWIFT international clearing system, which is indirectly controlled by the US dollar. The reason why the US dollar is the world’s dominant reserve currency is that commodities, represented by crude oil, are also denominated in US dollars.
By pegging the US dollar to oil, the US has not only monopolized most of the world’s energy trade but has also established the hegemony of the US dollar worldwide, which has allowed the US to rely on financial instruments to run the world and harvest the world’s wealth for its own use. It is no exaggeration to say that the reason why the US is so brutal is that it has the hegemony of the US dollar as a foundation to support its military hegemony and technological hegemony, thus achieving its global influence.
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