There are not doubts, being China the biggest trading partner for any country in the world , that Yuan will increase its weight as currency reserve , but its limitation and the relative size of domestic capital market will not be functional in replacing the dollar. Chinese pragmatism and long term view approach scarcely adapt to rapid shift at expenses for stability , considering as well the over 2 tn $ of trade value with western partners .
The King Dollar is about to be Dethroned by Yuan…
Just a year after Russia- Ukraine war:
- China’s Yuan replaces US Dollar as most traded currency in Russia.
- China and #France complete first Yuan-settled LNG trade, signaling the end of using the US Dollar for these energy trades.
- US Dollar used in 59% of world’s reserves, down from 72%
- Saudi Arabia and China to build #refinery for 83.7 billion Chinese Yuan ($12.2 billion)
- China and #Brazil agree to use Chinese Yuan to settle trade rather than US dollars
- President of #Kenya tells citizens to get rid of US dollars.
- #India says they will settle trade in Indian rupees with certain countries rather than US dollars
- Chinese yuan passes #Euro to become Brazil's second-largest currency in foreign reserves
- #Malaysia, a year after the invasion of Ukraine China to Discuss ‘Asian Fund’ to Cut US Dollar Dependency
#Exporting #Inflation, #Sanctions,
Forcing emerging economies to purchase dollars for #oil and #weapons ,
and systemic instability have people looking for alternatives.