GCC should stop pricing oil in US dollars, says DIFC chief economist - Zawya

As the US debt situation has revived concerns about the strength of the US dollar, the Dubai International Financial Center (DIFC) Authority has advised GCC countries to move away from pricing oil in dollars towards a basket of currencies that would include the Chinese yuan.

Commenting on the impact of US monetary policy on GCC economies, Dr Nasser H Saidi, chief economist and head of external relations of DIFC, told Muscat Daily that to avoid the danger of deep depreciation of the dollar, GCC countries should move away from pricing oil in US dollars towards a basket of currencies that would include the yuan.

'Indeed, I am in favour of using the yuan for clearing and settling all GCC trade with China, who has become our biggest trade partner.'

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