De-dollarisation bid begins to pay off as China and Africa increase use of the yuan and local currencies in trade deals.
  • ComradeSharkfucker@lemmy.ml
    12·
    8 months ago

    The renminbi is backed by the cpc and nothing else so it fits the definition of fiat. Considering the yuan is the unit of account for the renminbi it is fiat as well

    • redtea
      61·
      8 months ago

      Quite clever really. “Support the communists or your money will evaporate.”

      • ComradeSharkfucker@lemmy.ml
        13·
        8 months ago

        Yeah its like how in the us if you dont support the status quo they just make your money worthless or something idk /s china should get rid of money already smh