The following report is by The Trends Journal:
China’s yuan, not the dollar, was the most-used currency in China’s international trade at the end of March, Business Insider reported.
The yuan was used in 48.4 percent of transactions, the dollar in 46.7 percent, Reuters calculated from data supplied by China’s State Administration of Foreign Exchange.
The yuan’s surge is a result of China’s campaign to make its currency, also known as the renminbi, a rival to the dollar in cross-border trade.
China saw the opportunity to promote its currency after Western allies, rallied by the U.S., imposed trade sanctions on Russia to punish it for invading Ukraine.
More nations began leaning away from the dollar as a standard of value when they saw Russia’s dollar-based assets frozen as part of the sanctions campaign. They worried that their assets could be frozen if their policies or actions fall afoul of U.S. interests, analysts said.
The dollar’s place as the world’s reserve currency could shrink as the U.S. uses financial sanctions to pursue its geopolitical goals, treasury secretary Janet Yellen admitted in a recent interview, RT noted.
Russia now uses yuan more than dollars to trade across borders after the West excluded Russia from SWIFT, the international digital clearinghouse for trade payments.
However, the yuan or renminbi was the currency of choice in just 4.5 percent of the world’s trade deals in March, while the dollar was the medium of exchange in 83.7 percent, Reuters said.
China’s strict control over its yuan, including market manipulation to adjust its value, will restrict the currency’s wider acceptance, at least in the short term, analysts have said.
TRENDPOST: A growing number of countries are now trading directly with China, accepting yuan and paying China in their own currencies without first converting to dollars as a standard of value, as we reported in “Spotlight: Bye Bye Bucks – Death of the Dollar” (18 April 2023).
AUTHOR COMMENTARY
And yet the pundits and mainstream economists keep scoffing at the idea that America could lose its hegemony and world reserve currency status, saying no evil and destruction could ever come upon us; and then you read stories like this that prove that this not true, and China and the BRICS nations (whose GDP have overtaken G7) are dumping the dollar at blistering speeds. If the pundits say that the there is no threat to the dollar, then you know that it IS and it’s already too late.
He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
Proverbs 22:16
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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America is getting ready to fall flat!
It is what America deserves for rejecting the TRUE Lord Jesus, and kissing Rome’s feet and promoting nonsensical abominations!
Amen, Cynthia!
15 Lo, I will bring a nation upon you from far, O house of Israel, saith the LORD: it is a mighty nation, it is an ancient nation, a nation whose language thou knowest not, neither understandest what they say.
Jeremiah 5:15