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De-dollarization: 5 countries signaling yuan usage instead of USD

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China's yuan is emerging as a strong challenger to the dollar's dominance. Here are 5 countries that recently turned to the yuan instead of the USD for trade.

On Russia's foreign exchange markets, the ruble-yuan trade accounted for 39% of total volumes, outpacing the ruble-dollar's 34% share, the central bank added.when it replenishes its foreign currency exchange. The yuan is one of the few key currencies available to Russia after Western sanctions cut the country off from the world's dollar-denominated financial system.Brazilian President Luiz Inacio Lula da Silva.

It's not just the yuan, Lula has also called on BRICS nations to set up a common currency for transactions.."Who was it that decided that the dollar was the currency after the disappearance of the gold standard?"Bangladesh's Prime Minister Sheikh Hasina in China.agreed to pay Russia the equivalent of $318 million for the construction of a nuclear plant using the Chinese yuan.

 

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