China ‘yuanizes’ international payments to weaken dollar dominance

by time news

2023-07-04 23:56:06

The yuan surpassed the dollar in March as the most widely used currency to settle cross-border payments in China. It is a historical twist. A decade ago, Beijing barely used its currency in international transactions.

Updated Tuesday, July 4, 2023 – 23:56

“Who decided that the dollar was the global currency after the disappearance of the gold standard? Why can’t we trade our own currencies?” The Brazilian Lula da Silva raised this question a couple of months ago during a visit to Shanghai for

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