Oil and Nuclear Deals Now Set in Yuan, Not Dollars
The world is now witnessing a sharp change with the US dollar being sidestepped and overshadowed by local currencies. The majority of the countries are now strengthening their commitment to local currencies, powering local trade routes to evade US sanctions, to the point of ditching them completely. Many nations are using alternatives to the USD to make foreign trade deals, a phenomenon that could end up hurting the dollar in the long run. Also Read: BRICS Moves to Local Currency Trading: BRICS Currency Dead? Local Currencies Like Yuan in Global Energy Trade Are Taking Precedence Source: Watcher.Guru India and Russia have lately been engaging in a local currency narrative, involving the yuan in the majority of their deals. Russia has asked India to pay 10% of its oil payment in yuan, a currency that Russia has long been exploring in depth. As Russia can no longer conduct business in USD, the nation has switched to the Yuan, which continues to benefit the nation in the long run. Similar...