BRICS: Is Chinese Yuan a Growing Threat to the U.S. Dollar?
The BRICS alliance made it clear at the ongoing summit in Johannesburg that local currencies will be used to settle cross-border transactions among member countries. The Chinese Yuan is a strong contender among the other currencies that could be used for remittances. JUST IN: 🇷🇺 Russia's President calls on BRICS to abandon the US Dollar and settle trade in local currency. pic.twitter.com/M7OPRX5CI4 — Watcher.Guru (@WatcherGuru) August 23, 2023 If more countries begin to ditch the U.S. dollar and trade in the Chinese Yuan, will the greenback decline? In this article, we will highlight the level of threat the Chinese Yuan can pose against the U.S. dollar. Also Read: 5 New Countries Expected To Join BRICS BRICS: Chinese Yuan a Threat To the U.S. Dollar’s Prospects? Source: thecradle.co Benn Steil, the Director of International Economics at the Council on Foreign Relations, said that the Chinese Yuan will not be a threat to the U.S. dollar. T...