Has China Succeeded in Dumping the US Dollar?
China is determined to dump the US dollar in global trade and is convincing other countries to follow suit. The Communist country is on a world tour, trying to upend trade rules and rewrite policies without incorporating the USD. The Xi Jinping administration has signed many deals in two years where the Chinese yuan plays a central role in cross-border transactions. The intent is to dim the lights on the greenback and make the yuan the sole currency among developing countries. Has China really succeeded in making emerging economies dump the US dollar and use the Chinese yuan? In this article, we will provide the data where the USD has failed and where the yuan has succeeded. The balanced approach will shed light on which currency is growing and which is stalling in the global financial markets. The world economy is at a pivotal point where developing countries are eager for a change and want to hold the torch of the next generation of finance. Also Read: US Dollar Value Falls as More N...