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since the dollar and oil were tied together and the petrodollar hegemony was established, the world has suffered from the united states for a long time. with the dust settling on the china-arab summit, the two sides agreed to use rmb to settle oil and gas trade, directly linking rmb to oil and bypassing the dollar as an intermediate medium, which will have a far-reaching impact on the world.

the establishment of the petrodollar

during world war ii, as strategic materials flowed from the united states to the world, gold from all over the world also flowed to the united states. by the end of world war ii, the united states had more than 75% of the world's gold reserves. with three-quarters of the world's gold reserves and strong military strength, the united states led the establishment of the bretton woods monetary system, implemented the dollar and gold peg, and maintained a fixed exchange rate between the currencies of various countries and the dollar, thus establishing an international monetary system centered on the dollar.

in 1971, with the outbreak of the dollar crisis and the us economic crisis, the nixon administration announced that it would no longer exchange dollars for gold at the official price, and the bretton woods monetary system collapsed. afterwards, the united states approached saudi arabia and other middle eastern oil-producing countries to tie the dollar to oil and settle oil trade in dollars, thus establishing the petrodollar.

since the united states tied the dollar to oil in the 1970s, most of the world's oil trade has been priced and settled in dollars. this has allowed the united states to reap the benefits of petrodollars while taking advantage of the dollar's hegemonic position to fleece the world, making the world suffer for the united states for a long time.