DUMPING THE DOLLAR: Argentina Abandons U.S. Dollar. Will Pay for China Imports in Yuan thumbnail

DUMPING THE DOLLAR: Argentina Abandons U.S. Dollar. Will Pay for China Imports in Yuan

By The Geller Report

No media coverage. The biggest stories of the day are censored from the American public, leading sheep to slaughter. The dollar as the main world currency is a pillar of our strength and power. More countries are mulling a similar move.

Another defeat for the Biden Administration by China. Little to no coverage on this story from the mainstream media, who continue to supress information about the Biden Administration’s incompetence. A vote for the Biden Administration in 2024 is a vote for China to rule the world, and to downgrade the United States into a second rate power like Britain & France.

Argentina Shuns U.S. Dollar: Will Pay for China Imports in Yuan

By SIMON KENT

Argentina struck a deal with Beijing on Wednesday to stop using U.S. dollars to pay for Chinese imports and embrace the yuan instead.

The measure, driven by Argentina’s leftist President Alberto Fernández, is designed to relieve the South American country’s dwindling dollar reserves, AP reports.

The deal further enhances China’s rise on the world stage and the diminished role of the U.S. on a host of fronts under President Joe Biden.

After reaching the agreement with various companies, Argentina will use the yuan for imports from China worth about U.S.$1.04 billion from next month, accelerating trade with China as Beijing seeks to gain a further foothold in South America.

In November last year Argentina expanded a currency swap with China by $5 billion in an effort to increase its yuan reserves.

Read more.

Iraq To Drop Dollar In Trade With China

By ZeroHedge, February 23, 2023:

  • Iraq’s central bank is set to allow trade with China to be settled in yuan.
  • Iraqi imports from China have previously been financed in U.S. dollars.
  • Last year, US regulators began enforcing controls on transactions by Iraqi commercial banks which caused a dollar shortage in Iraq.

The Iraqi central bank announced Wednesday that, for the first time, it plans to allow trade from China to be settled directly in yuan instead of the US dollar to improve access to foreign currency.

“It is the first time imports would be financed from China in yuan, as Iraqi imports from China have been financed in (US) dollars only,” the government’s economic adviser, Mudhir Salih, told Reuters.

According to a statement released by the Iraqi central bank, carrying out transactions in the Chinese currency would boost the balances of Iraqi banks with accounts with Chinese banks. However, this option depends on the size of the central bank’s yuan reserves.

A second option to boost local banks’ yuan balances would involve converting US dollars held in the central bank’s accounts with JP Morgan and the Development Bank of Singapore (DBS) to yuan before paying the final beneficiary in China……

AUTHOR

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