Bank of China Opens Branch in Saudi Arabia

As a follow up to the oil deal between China and Saudi a couple years back, BOC opened a branch on Saudi soil.

I can only speculate as to the purpose of this, but I think this is to facilitate both investment into China, and oils purchases in Yuan. Both of which will weaken the concept of the petrodollar and US hegemony.

If the world’s most prolific oil producer starts selling in yuan, then that will provide a route for development for sanctioned oil producing nations like Iran and venezuela.