China, Arab Nations to Hold Summit in Saudi Arabia Next Month(Bloomberg) --Most Read from BloombergElizabeth Holmes Judge Proposes Texas Prison, Family VisitsAnwar to Test Majority With Malaysia Parliament Vote in DecemberChina Covid Cases Jump to Record High, Topping Shanghai OutbreakMost Fed Officials Seek to Slow Pace of Interest-Rate Hikes SoonChina and Arab nations will hold a summit in Saudi Arabia early next month, setting up the possibility that Chinese President Xi Jinping will visit the key energy partner for the first time in nearly seven years.Reports appeared in March that China and Saudi Arabia were again in talks to settle oil deals in yuan, a topic the two nations have discussed for six years.That change would undercut the dollar, which has long been the default currency for pricing energy contracts around the world, elevating the importance of the greenback and bolstering Washington’s geopolitical influence.Last year, Beijing signed a 25-year cooperation framework with Iran, which is the subject of sanctions by Washington over its nuclear program.Most Read from Bloomberg BusinessweekElon Musk Keeps Quoting Elon Musk About His GeniusTech Layoffs Send H-1B Visa Holders Scrambling for New JobsCrypto’s Crash Is Helping a Few Couples Rekindle Their RelationshipsUS Is Focused on Regulating Private Equity Like Never BeforeThe Robot Tractors Are Coming, Just as Soon as We Crush a Few Bugs©2022 Bloomberg L.P."