Last July, Iran said it has completely abandoned the US dollar for its trade with Russia and would adopt Russian ruble for transactions. As per The Wall Street Journal report, the oil-rich nation is also in discussions with China to accept yuan for some of its oil sales. However, the US dollar still commanded Brazil’s total foreign reserves last year, with 80.42 per cent share.Įarlier in March, Saudi Arabia said it is open to talks to sell its oil in currencies other than the dollar. The Chinese currency, which did not have a share in Brazil’s foreign reserves till 2018, accounted for 5.37 per cent of Brazilian central bank holdings by the end of 2022. Reuters reported on 31 March that the yuan has emerged as the second most important currency in Brazilian foreign reserves, surpassing the euro. It’s not just Malaysia that wants to ditch the US dollar to water down America’s influence over the world economy.īrazil recently green-lit yuan for trade settlements and investments with Beijing. The Malaysian leader also stated that the country’s central bank is chalking out plans to negotiate trade matters using the ringgit (Malaysia’s currency) and yuan, reported Bloomberg. “There is no reason for Malaysia to continue depending on the dollar,” Anwar was quoted as saying by Bloomberg. Though US dollar continues to lead global trade market, countries have started using other alternative currencies for foreign trade and settlement.Ĭhina has expressed interest in setting up Asian Monetary Fund to reduce reliance on the US dollar and the International Monetary Fund (IMF), Malaysian prime minister Datuk Seri Anwar Ibrahim said in Parliament on Tuesday (4 April). Trade between the two nations touched a record $190 billion last year, with most of these transactions in Chinese and Russian currencies, reported Al Jazeera.ĪLSO READ: Will a new BRICS currency replace the US currency for trade? The trade relations between the Russia and China have grown after the Ukraine war.
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