{"id":50038,"date":"2023-04-27T09:35:29","date_gmt":"2023-04-27T09:35:29","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=50038"},"modified":"2023-04-27T09:35:37","modified_gmt":"2023-04-27T09:35:37","slug":"dollars-in-trouble-as-nations-adopt-alternative","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/dollars-in-trouble-as-nations-adopt-alternative\/","title":{"rendered":"Dollars in trouble as nations adopt alternative"},"content":{"rendered":"

The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar.<\/p>\n\n\n\n

Russia and China are trading in their own currencies.<\/p>\n\n\n\n

Beijing, Argentina and Brazil have also dropped the dollar in bilateral trade.<\/p>\n\n\n\n

The UAE is selling China its gas in yuan, through a French company.<\/p>\n\n\n\n

Bangladesh pays a Russian nuclear power company in Russian rubles, ditching the U.S dollars.<\/p>\n\n\n\n

Pakistan and India are trading with Russia in rubles and their local currencies.<\/p>\n\n\n\n

Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems.<\/p>\n\n\n\n

Kenya is buying Persian Gulf oil with its own currency.<\/p>\n\n\n\n

Even the Financial Times newspaper has acknowledged that a \u201cmultipolar currency world\u201d is emerging.<\/p>\n\n\n\n

When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries\u2019 bilateral trade is already conducted in the ruble and renminbi.<\/p>\n\n\n\n

\u201cIt is important that our national currencies are increasingly used in bilateral trade\u201c, Putin said. \u201cWe should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries\u2019 markets\u201d.<\/p>\n\n\n\n

The Russian leader added, \u201cWe support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America\u201d.<\/p>\n\n\n\n

Just a week after Xi\u2019s trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE.<\/p>\n\n\n\n

The deal was negotiated between the state-owned China National Offshore Oil Company and the French company TotalEnergies, meaning European firms are now willing to conduct transactions in yuan.<\/p>\n\n\n\n

French media outlet RFI described the trade as a \u201cmajor step in Beijing\u2019s attempts to undermine the US dollar as universal \u2018petrodollar\u2019 for gas and oil trade\u201d.<\/p>\n\n\n\n

The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged \u201cmulti-currency pricing, settlement and cross-border payment\u201d.<\/p>\n\n\n\n

On March 30, China and Brazil (the world\u2019s most populous and sixth-most populous countries) announced they had come to an agreement to trade with each other in their local currencies, yuan and reais.<\/p>\n\n\n\n

China\u2019s media network CGTN reported, \u201cThe deal will enable China, the world\u2019s second-largest economy, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar\u201d.<\/p>\n\n\n\n

It noted that China is Brazil\u2019s biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade.<\/p>\n\n\n\n

Brazil\u2019s leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur.<\/p>\n\n\n\n

Dailybulletinnews<\/a><\/p>\n\n\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. Russia and China are trading in their own currencies. Beijing, Argentina and Brazil have also dropped the dollar in bilateral trade. The UAE is selling China its gas in yuan, through a French company. […]<\/p>\n","protected":false},"author":2,"featured_media":12402,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,241],"tags":[453],"class_list":["post-50038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-foreign","tag-dollars","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nDollars in trouble as nations adopt alternative - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/dollars-in-trouble-as-nations-adopt-alternative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollars in trouble as nations adopt alternative - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. 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