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Saudi Aramco hints at future yuan bonds in potential coup for China

World's largest oil company opens door to shift from dollar as Asia demand grows

Saudi Aramco raised $8 billion on Nov. 17 in its first foreign-currency bond offering since 2019.   © Reuters

DUBAI -- Saudi Aramco, Saudi Arabia's state-controlled oil company, has raised the possibility of floating yuan-denominated bonds, a move that would mark a significant departure in a traditionally dollar-dominated industry.

A prospectus issued this month by the world's largest oil company stated that renminbi notes "may be issued" under its bond program, though Aramco provided no details about the timing or scale of such an offering. The document laid out risks involved in a float of yuan notes, including liquidity concerns and the currency's limited availability outside China.

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