Bolivia is the latest country in South America to regularly use the Chinese currency in a growing challenge to the hegemony of the U.S. dollar for international financial transactions.
  • albigu
    17·
    1 year ago

    Maybe that James Rickards op-ed from two weeks ago was right all along. This is all going so fast, time to memorize yuan exchange rates.

  • lil_tank
    14·
    1 year ago

    “What a shock, we tried to coup this guy and his only way to thank us is to turn to China!”

    • redtea
      6·
      1 year ago

      This problem will have to be sorted out. I need to look more into the BRICS plans. Maybe a system of X goods in one currency and Y goods in the other currency, so there’s a balance. Then a formula for deciding the ratio X:Y.

    • LoveSausage
      3·
      1 year ago

      You do know that international trade is international? Petrodollars is whats keeping the US afloat.

      • redtea
        9·
        1 year ago

        I think Shrike is asking, if they’re not using the petrodollar, why use Yuan rather than the other country’s currency.

        Edit: Bolivia uses the Boliviano.

        • LoveSausage
          8·
          1 year ago

          Well because you need a large stable currency that all agrees on. Yuan or bolivares? What would you like to be paid with?

          • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOP
            71·
            1 year ago

            probably cause there is already a system set up for doing transfers and it’s a lot of work to make your own, and they already do a bunch of trade with China

    • HiddenLayer5English
      6·
      1 year ago

      I still see that as a win. Economic decoupling is really hard (see how well the West are doing with decoupling from China, hell or even Russia)