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China courts Islamic world in ‘oil-for-yuan’ push

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.