Beijing-Riyadh convergence of interests resulting in sleepless nights in Washington

News Desk

The Pakistan Economy Watch (PEW) on Saturday said tensions are rising between Saudi Arabia and the United States, which could cause a sharp fall in the value of the US dollar.

 Saudi Arabia is tired of increasing US interference in its internal affairs, overlooking its concerns and hitting its interests, it said.

Now Riyadh is improving political, economic and defense relations with other countries, including Russia and China, resulting in sleepless nights in Washington, said PEW President Dr Murtaza Mughal.

He said that Saudi Crown Prince Mohammed bin Salman, who is the de-facto ruler of the kingdom, is not ready to talk to the US president nor is he willing to increase oil production to reduce prices in the international market.

Dr Mughal said that now Saudi Arabia is considering selling oil to China in Yuan instead of the dollar, which would strengthen the Chinese currency and economy, and pose a serious threat to the United States, its currency and global dominance.

He said that most oil is traded in US dollars, which is the main reason for the importance of this currency, and the strength of the United States and the decline of the dollar will damage the economy of the United States.