| Tumult in oil markets was enough to create speculations about a possible de-pegging of riyal with dollar and possibly of using a mixed basket for oil revenues. Fears about the growth of Chinese economy and equities rout in Beijing sent currency values reeling.
More than $3.3 trillion was erased from the value of global equities after China’s devaluation of yuan. And with this revision, like all other commodities, oil too suffered a major blow. Saudi economy, so intertwined with the oil markets, is also faced with major blowbacks...............................................Full Article: Source
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