The issue is not really dedollarization here, there is no need to fixate on that.
Rather the fact this is further signs of Chinese integrating with western capital at the most critical juncture.
The part about Saudi Arabia trying to pivot into some sort of Hong Kong 2.0 is accurate as its one of the ways they hope to survival the oil crash. It is also part of the ME own internal struggle between the oil exporters to see who comes out on top. OPEC is doing production cuts and Oil is once again at the 2 year low. Saudi Arabia is rather trying survive by pivoting into financial speculation, putting it in competition with the UAE for example.
As reported 2 billion is quite literally nothing in the grand scheme so why bother at all? Because it signals a complete Chinese compromise with the western consensus. Its China being absurdly simplistic and trying to secure their own slice of the pie.
Major financial corporations are all moving to Riyadh’s financial center, just this year there is Goldman Sachs which was the first significant Wall St player just barely last month, HSBC, Rothschild. Even the Hong Kong Stock Exchange is opening a new office there. You can probably make a long list soon.
So both Chinese and the Western capital see the potential of Saudi Arabia realy becoming a financial hub(or simply don’t want to miss it) and China wants to secure good relations before its completely bought out by US interests. Yes they are that naive. Heck in this instance I’d go even further and saying there is absolutely acting as if their married to the devil. If they weren’t what would explain to us their previous deals and investments in Israel during the 2010’s and even earlier?
Its quite the epitome of trying constantly pandering about being an alternative to US imperialism and denouncing western crimes while simultaneously happily making deals with the worst enemies of the global south.
It is as bad as it sounds.
CPC taking notes.
The consequences of applying what they’ve learned, look away. Consolation prize is Russia joined them with the same very common L too. Piece of shit BRICS grifters.