De-Dollarization: Trade Settlements In Chinese Yuan Up 0 To 30%
The de-dollarization movement has taken a significant hold in global economics. More and more countries have expressed the desire to move away from the US dollar for trade. The BRICS bloc of nations has particularly taken a strong inclination for national currencies for mutual trade settlements. The developments have put a question mark on the US dollar’s dominance. Also Read: De-dollarization Fails? Analysts Reveal Why the USD Is Unstoppable! Chinese Yuan Spearheading De-Dollarization Source: Gina Sanders / Fotolia via Wodicka The Chinese Communist Party (CCP) has pushed to turn the Yuan into an international currency. to The Chinese Yuan has seen a significant increase in international settlements in the last few years. China’s efforts have further propelled the de-dollarization agenda. According to economist Jin Keyu, “ Trade invoicing in yuan went from zero percent to 30 percent in the last 10 years, and half of Chinese capital flows are now in yuan, much higher th...