Citing Argentina and Brazil, Bolivia says open to use China's yuan

[beijingwalker]

Citing Argentina and Brazil, Bolivia says open to use China's yuan​

President Luis Arce says Bolivia cannot afford to stay on the sidelines as some South American countries trade in Chinese currency.

REUTERS ARCHIVE
Luis Arce says trading in yuan "is going to be the trend in the region." [File] / Photo: Reuters Archive

Bolivia's president has expressed openness to the use of the Chinese yuan for international trade during a press conference, citing similar moves by Argentina and Brazil to tap the Asian currency for transactions with China.

International trade transactions tend to be priced in US dollars, especially for major commodity markets like energy and grains, going back decades.

"The two largest economies in the region are already trading in yuan in agreements with China, and that is going to be the trend in the region," Luis Arce said on Wednesday, adding the South American country could not afford to stay on the sidelines.

"In Latin America, we have always had a great influence from the United States ... but today many countries have more foreign trade with China. Things are changing."

The Argentine government announced last month it will start to pay for Chinese imports in yuan rather than US dollars, in large part to safeguard the central bank's dwindling dollar reserves needed to pay down debt as well as to finance imports.

Earlier in the year, China and Brazil moved to reduce the dominance of the greenback by signing a deal to set up yuan-clearing arrangements that can facilitate bilateral trade.

"Why should every country have to be tied to the dollar for trade?... Who decided the dollar would be the [world's] currency?" Brazil's leader Luiz Inacio Lula da Silva had said.

https://www.trtworld.com/latin-america/citing-argentina-and-brazil-bolivia-says-open-to-use-chinas-yuan-13194045

 

[nahtanbob]

Citing Argentina and Brazil, Bolivia says open to use China's yuan​

President Luis Arce says Bolivia cannot afford to stay on the sidelines as some South American countries trade in Chinese currency.

REUTERS ARCHIVE
Luis Arce says trading in yuan "is going to be the trend in the region." [File] / Photo: Reuters Archive

Bolivia's president has expressed openness to the use of the Chinese yuan for international trade during a press conference, citing similar moves by Argentina and Brazil to tap the Asian currency for transactions with China.

International trade transactions tend to be priced in US dollars, especially for major commodity markets like energy and grains, going back decades.

"The two largest economies in the region are already trading in yuan in agreements with China, and that is going to be the trend in the region," Luis Arce said on Wednesday, adding the South American country could not afford to stay on the sidelines.

"In Latin America, we have always had a great influence from the United States ... but today many countries have more foreign trade with China. Things are changing."

The Argentine government announced last month it will start to pay for Chinese imports in yuan rather than US dollars, in large part to safeguard the central bank's dwindling dollar reserves needed to pay down debt as well as to finance imports.

Earlier in the year, China and Brazil moved to reduce the dominance of the greenback by signing a deal to set up yuan-clearing arrangements that can facilitate bilateral trade.

"Why should every country have to be tied to the dollar for trade?... Who decided the dollar would be the [world's] currency?" Brazil's leader Luiz Inacio Lula da Silva had said.

https://www.trtworld.com/latin-america/citing-argentina-and-brazil-bolivia-says-open-to-use-chinas-yuan-13194045

this is what we call vaporware ?

 

[Han Patriot]

this is what we call vaporware ?

Uhhh i can fell the acid churning in you. Lololol

 

[retaxis]

lol south america and Africa already know that US is dying demographically and with 32trillion debt and a majority black/brown population soon that the US is heading to 3rd world status and will be extremely unreliable. No one wants to make deals with a dying country thats soon about to enter racial civil war.