Saudi Arabia decided not to renew the petrodollar agreement, and the global financial market has set off a frenzy! What impact will this financial storm bring?
Saudi Arabia's decision not to renew the petrodollar agreement means that the hegemony of the US dollar may be challenged. Stablecoins closely related to the US dollar, such as USDT and USDC, may face a huge impact. People may begin to turn to cryptocurrencies such as Bitcoin, or even sell US dollars and buy safe-haven assets such as gold and silver. In addition, China's recent large-scale purchases of gold seem to be preparing for this storm. However, this drama will not be staged immediately, and we still need to wait patiently and pay close attention to the market reaction in the next few weeks. After all, contracts between countries are still settled in US dollars, and the impact of this change may gradually emerge, rather than overnight.
The end of this 50-year agreement will undoubtedly have a profound impact on the global economic landscape. Let us pay attention to this change together and see how it will reshape the future of the world's financial markets!
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