PESHAWAR – China is bidding to deepen its ties with the Islamic world as part of an apparent new strategy to develop “oil-for-yuan” partnerships and push forward Chinese President Xi Jinping’s signature Belt and Road Initiative (BRI) infrastructure-building scheme.
Analysts believe Beijing seeks to build a broad community of shared interests to shadow and supplant the United States’ influence in Middle East, Africa and Asia-Pacific countries at a time while Washington is engaged with the Russia-Ukraine war.
Some believe the recent improvement in China’s trade relations with Saudi Arabia is in line with Beijing’s strategic planning to weaken America’s monetary edge by introducing a yuan-based global exchange market to replace the dollar’s domination.