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| Can the yuan replace the dollar in global trade? | |
| (about 13 hours later) | |
| Russia is not the only major economy to use the Chinese currency for trade settlements as more and more nations seek alternatives to the greenback | Russia is not the only major economy to use the Chinese currency for trade settlements as more and more nations seek alternatives to the greenback |
| When Russia’s foreign exchange reserves were frozen and the country was cut off from the SWIFT messaging system in light of the Ukraine conflict, Moscow turned to other settlement options, including the yuan. However, Russia is by no means alone in making use of the Chinese currency. In recent years, several other major global economies have already begun using the yuan or are considering doing so. As Russia and many nations in the Global South seek to extricate themselves from the increasingly capricious dollar hegemony, the prominence of the yuan is only set to rise. | When Russia’s foreign exchange reserves were frozen and the country was cut off from the SWIFT messaging system in light of the Ukraine conflict, Moscow turned to other settlement options, including the yuan. However, Russia is by no means alone in making use of the Chinese currency. In recent years, several other major global economies have already begun using the yuan or are considering doing so. As Russia and many nations in the Global South seek to extricate themselves from the increasingly capricious dollar hegemony, the prominence of the yuan is only set to rise. |
| RT examines which major countries are turning toward the Chinese currency. | RT examines which major countries are turning toward the Chinese currency. |
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