BRICS: Bolivia Ditches the U.S. Dollar, Pays Chinese Yuan for Global Trade

Bolivia is using the Chinese Yuan to settle cross-border transactions and not the U.S. dollar, reported the Associated Press. The Bolivian Economic Minister, Marcelo... marking a significant shift in international trade dynamics. With the BRICS Summit less than a month away, Argentina and Bolivia are using the Chinese yuan for international settlements. Indeed, Argentina utilized the currency in...

The BRICS countries – Brazil, Russia, India, China, and South Africa – are increasingly moving away from dependence on the U.S. dollar in international trade, according to numerous reports. This move is fueled by several factors, including a desire for greater economic independence and a growing dissatisfaction with the perceived dominance of the USD.

The BRICS group of emerging economies has announced its decision to abandon the use of the US dollar for trade settlements and instead use the Chinese yuan. This decision reflects a broader trend within the BRICS alliance to de-dollarize their economies and foster greater trade cooperation among themselves.

China is aggressively advocating for the Chinese yuan to replace the US dollar in trade between BRICS member countries and their global partners. Under the... the new system, transactions will be conducted directly in Yuan, bypassing the need for dollar conversions and potentially reducing transaction costs. The shift is intended to bolster the yuan's international standing and challenge the dollar's long-held position as the world's reserve currency. This BRICS Bolivia China Yuan USD Dollar USdollar movement could reshape global trade patterns and influence the future of international finance.