Bolivian leader open to using yuan for trade, touting 'trend'

[Eugene]

Source: Reuters

Bolivian leader open to using yuan for trade, touting 'trend'

Wed, May 10, 2023 at 8:42 PM EDT

LA PAZ (Reuters) - Bolivia's president expressed openness to the use of the Chinese yuan for international trade during a press conference on Wednesday, citing similar moves by Argentina and Brazil to tap the Asian currency for transactions with China.

International trade transactions tend to be priced in U.S. dollars, especially for major commodity markets like energy and grains, going back decades.

"The two largest economies in the region are already trading in yuan in agreements with China, and that is going to be the trend in the region," Arce said, adding the South American country could not afford to stay on the sidelines.

The Argentine government announced last month it will start to pay for Chinese imports in yuan rather than U.S. dollars, in large part to safeguard the central bank's dwindling dollar reserves needed to pay down debt as well as to finance imports.

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Read more: https://news.yahoo.com/bolivian-leader-open-using-yuan-004226793.html

[Alexander Of Assyria]

1. By preserving American dollars these western debt burdened nations can escape a fiscal trap

put in place and existent for centuries, long after the colonists were physically booted out. More Yankee dollars to pay the Western loan principal and interest, maybe get out from under the yoke.

The key to fiscal slavery … forcing all international commercial payments to be made with only one currency…or other hard convertible currencies, all currencies controlled by former colonialism and slavery friendly nations.

A developing nations only currency seems a no brainer.