The Great Dollar Paradox

6.14.23 - The Great Dollar Paradox

Gold last traded at $1,944 an ounce. Silver at $23.92 an ounce.

Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says -CNBC

A strong bond has been developing between Saudi Arabia and China. You may wonder what relevance this has in our lives. A stronger bond between these powers stands in direct opposition to the future strength of the dollar. A weaker dollar is something few can afford.

Saudi Arabia sees China as a key partner in a multipolar world - with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC.

"This is, in a way, a multipolar global order that has emerged - it's not emerging. China is a significant player in it," Al-Falih told CNBC's Dan Murphy during the Arab-China Business Conference in Riyadh Tuesday, now in its 10th year.

A multipolar world in this context signifies a global system that isn't dominated by the West or defined as a struggle between two major powers, as it was during the Cold War.

"We like to believe, and I think it's been proven, that the kingdom is a significant part of this multipolar world that has emerged. And we're going to play our part, not only in developing our own economy, but also developing our region, and spreading what we have in terms of development opportunities, also to Africa, Central Asia, the Indian subcontinent," he said. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that."