Chinese Yuan

Argentina to Settle Chinese Imports in Yuan to Safeguard Dwindling Dollar Reserves

April 29, 2023 Bitcoin.com

Alberto Fernandez

The economy minister of Argentina, Sergio Massa, announced that starting this month, payments for imports coming from China will be settled using the Chinese yuan. The agreement, which will allow the country to safeguard its dwindling dollar reserves, involves the disbursement of more than $1 billion in April. Argentina to Settle Bilateral Transactions With China […]

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What is Operation Choke Point 2.0? Trump vows to end it

Chinese Yuan Overtakes US Dollar as Most Used Currency to Settle Cross-Border Payments in China

April 27, 2023 Bitcoin.com

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The Chinese yuan is now China’s most used currency for cross-border settlements. According to official data from the State Administration of Foreign Exchange, the Chinese yuan rose to be the most-used currency in March over the U.S. dollar, in a push from the Beijing government to internationalize its currency for payments. Chinese Yuan Used to […]

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What is Operation Choke Point 2.0? Trump vows to end it

Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed

April 15, 2023 Bitcoin.com

Belt and Road Initiative

Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was processed by the Industrial and Commercial Bank of China (ICBC) paves the way for cheaper and simpler […]

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What is Operation Choke Point 2.0? Trump vows to end it

Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services

April 15, 2023 Bitcoin.com

accounts

ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide Services to Crypto Exchanges Licensed in Hong Kong Hong Kong’s first […]

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What is Operation Choke Point 2.0? Trump vows to end it

Analysts Weigh In on BRICS Currency as Tool to Face US Dollar-Based Sanctions

April 14, 2023 Bitcoin.com

Alexander Babakov

Analysts have begun considering using a future BRICS currency to sidestep U.S. sanctions and the dollar’s influence in international markets. While the rise of the U.S. dollar was significant to spur an era of economic growth after World War II, the so-called weaponization of its ubiquitous use has made some countries consider other options for […]

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What is Operation Choke Point 2.0? Trump vows to end it

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters

April 12, 2023 Bitcoin.com

bitcoin.com

The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central […]

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What is Operation Choke Point 2.0? Trump vows to end it

China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase

March 31, 2023 Bitcoin.com

bitcoin.com

China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French company using yuan as payment. […]

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What is Operation Choke Point 2.0? Trump vows to end it

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status

March 28, 2023 Bitcoin.com

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Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic […]

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What is Operation Choke Point 2.0? Trump vows to end it

Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies

March 22, 2023 Bitcoin.com

Asia

As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies for international trading “should be encouraged further.” Russia […]

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What is Operation Choke Point 2.0? Trump vows to end it

Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain

March 2, 2023 Bitcoin.com

bank

A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currency. The financial institution underscored the advantages of using a digital form of the document and pointed out that demand for yuan payments is growing. MKB Employs Bank of Russia’s Masterchain to Issue Bank Guarantee in Yuan Moscow Credit Bank […]

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What is Operation Choke Point 2.0? Trump vows to end it