1. Proves China credit worthiness as good as US.

2. KSA is sending its excess US $ to China which can either buy oil from KSA (declining imports overall), or other resources from global south, which might buy KSA oil with $.

While the scheme permits more economic activity outside of US influence, all financial $ eventually are deposited to US financial system. The paper implies reduced debt/dependence by global south.

With this successful bond auction, bonds for China exports becomes easier and likely to much of the world.