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China's yuan is emerging as a strong challenger to the dollar's dominance. Here are 5 countries that recently turned to the yuan instead of the USD for trade.
China's yuan is emerging as a strong challenger to the dollar's dominance. Here are 5 countries that recently turned to the yuan instead of the USD for trade.
Huileng TanMay 9, 2023, 07:53 IST
The Chinese yuan's share in international transactions is increasing.China Photos/Getty Images
Countries are lining up backup currencies — such as the Chinese yuan — for trade and transactions.
Sanctions against Russia sound a cautionary tale over the power Washington and the USD wields.
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China's yuan is gaining increasing usage globally, pointing to the de-dollarization of transactions worldwide — gradually
China's yuan slid on Monday.Future Publishing/Getty Images
1. Russia's already warming up strongly to the yuan, snapping up three times more of the currency in March than in February
Russia's President Vladimir Putin and his Chinese counterpart Xi Jinping.Aly Song/Reuters
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2. Brazil — a vocal exponent of de-dollarization — is looking to more yuan reserves and transactions
Brazilian President Luiz Inacio Lula da Silva.Ken Ishii/Getty Images
3. Bangladesh is using the yuan to pay Russia for the construction of the nuclear power plant
Bangladesh's Prime Minister Sheikh Hasina in China.Mark Schiefelbein/Getty Images
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4. Argentina will start to pay for around $800 billion worth of imports from China in the yuan
The flags of China and Argentina.Feng Li/Getty Images
5. Iran has already been using the yuan to trade with China for years
Chinese President Xi Jinping holds and Iranian President Ebrahim Raisi.Yan Yan/Xinhua/Getty Images