Is Saudi Arabia approving Chinese yuan for oil settlement to Europe, East Asia, Africa and South America?

Analysis Reasoning

Saudi Arabia has been in discussions with China about yuan-denominated oil trade since at least 2016, with active talks reported in March 2022, but no formal approval or implementation of yuan settlement for oil exports to Europe, East Asia, Africa, and South America has been confirmed. The post conflates ongoing negotiations with an actual approval decision and overstates the scope of any potential agreement, which would primarily involve China, not multiple continents.

Cited Sources

• 01
  Saudi Arabia's Oil Exports and the Yuan - China-US Focus

  https://www.chinausfocus.com/finance-economy/saudi-arabias-oil-exports-and-the-yuan

• 02
  Saudi-China Ties and Renminbi-Based Oil Trade - S&P Global

  https://www.spglobal.com/content/dam/spglobal/global-assets/en/special-reports/Corp_0821_Saudi-ChinaTiesandRenminbi-basedoiltrade.pdf