Sergio Rossi, professor of macroeconomics and monetary economics at the University of Fribourg in Switzerland, said the LNG deal with the UAE showed that oil exporting countries are keen on using currencies such as the yuan, rather than the dollar, at the international level.
This transaction might encourage other countries to switch from the dollar to their own currencies to pay for oil and gas imports, Rossi said. This could lead to the creation of regional clearing houses through which foreign transactions in commercial or financial markets could be settled, he added.
Read the article  in China Daily online 25,04,2023