Reported 7 months ago
The 50-year petrodollar agreement between the US and Saudi Arabia expired on June 9, with Saudi Arabia deciding not to renew it. Former legislator Guo Zhengliang pointed out on YahooTV's 'Dragon Phoenix Pair' that the US dominance is not only about oil but signifies the first crack in their influence, foreseeing a decreasing role of the US dollar in global trade and an inevitable trend of its depreciation. He explained the history behind the petrodollar agreement and the shifting dynamics of global trade currencies, emphasizing the potential impact on futures markets and physical commodity prices.
Source: YAHOO