China appears to be the main beneficiary of the ongoing Russia-Ukraine war. Not only has it profited a lot through purchase of discounted Russian oil, it has also captured Russian car market share after the departure of Western automobile manufacturers from Russia. Moreover, the situation has thrown up a golden opportunity for China to deepen its footprints in the Middle East in an unprecedented manner. Speaking in Saudi Arabia where Crown Prince Mohammed bin Salman hosted two milestone Arab summits with the Chinese leader, President Xi Jinping told Gulf Arab leaders that China would work to buy oil and gas in yuan. Replacing USD with Chinese yuan in relation to oil and gas deals is no mean feat. China has successfully strengthened its currency to weaken USD’s grip on world trade. No doubt, China’s ascendency in the changing world order is no less than a miracle.
Shahid Bukhari (Karachi)
Copyright Business Recorder, 2022
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