Historically, the seller of oil has been in the dominant position, requiring payment in the currency of its choice or even gold. Your comments suggest the dynamics of oil trade have changed and China, as the buyer, will be able to determine the appropriate payment (RMB). This suggests the Saudi government, as the seller of oil, has lost control of the transaction.
As our oil production increases in North Dakota and west Texas, I hope our exporters retain control of the transaction and require China, as buyers, to pay in gold coins or bullion. I would prefer gold coins from the 1992-2000 era.
Mark Bonke