Russia and others, move to use Yuan instead of dollar.

[redwine49]

Russia and others move to use Yuan is maybe because of the trade war between the US and China which i think affected the stability of the dollar. China's growing economic influence to internationalize the Yuan had made it attractive as an alternative for countries seeking to diversify their currency reserves. I think it is also because of the continuous economic growth of China more countries are now doing business with them and most likely they are using Yuan for transactions.

the long standing US Dollar vs the use of chinesse yuan still long way to go for international transaction.
news is just news and implementing it takes a long time or it's just a plan, it may work or maybe it's just a plan that maybe just a discourse

[DrBeer]

Russia and others move to use Yuan is maybe because of the trade war between the US and China which i think affected the stability of the dollar. China's growing economic influence to internationalize the Yuan had made it attractive as an alternative for countries seeking to diversify their currency reserves. I think it is also because of the continuous economic growth of China more countries are now doing business with them and most likely they are using Yuan for transactions.

I have doubts about this "growing economic influence" of China. As per data from 2022, Chinese Yuan is the 8th most traded currency in the world with a share of 2.16% (now compare that with 44.15% for the USD and 16.14% for the Euro). Even the Swiss France is ranked above Chinese Yuan. For those who want to replace the US Dollar, CNY is a good option. But then in terms of basics, CNY is weaker than the USD. It is being heavily manipulated by the Chinese government and other countries should be cautious while using it.

Very accurate comment!

Replacing the dollar with the yuan is an extremely stupid exercise.
It's like replacing the dollar, well, let it be with the Iranian real, or the Brazilian real ... Well, they replaced it, and then what? Instability of the economy, lack of provision with real economic power, a huge number of negative factors influencing the value of the currency, .. What BENEFITS will the one who will change the STABLE dollar to the UNSTABLE yuan/real/... get? Actions must have a clearly defined goal that brings benefits or benefits or solves some problem! But today, no matter how much anyone would like, there is NO ALTERNATIVE to the dollar.

PS About the "success of Russia" with the transition to settlements in yuan and rupees, I hope you don't need to tell?
Now China and India have what they wanted and for cheap, while Russia has a bunch of colorful papers, and the inability to exchange them for something Russia really needs

[Lamkuthang]

In my view, This development represents a shift in global economic dynamics and challenges the US dollar's longstanding dominance as the world's reserve currency. This poses a potential risk to the US economy, as reduced demand for the dollar could weaken its value and impact the country's ability to finance its first ever deficit.

What this will bring for the coming days and years I think this move could reduce the influence of the United States in global financial affairs and potentially lead to a redistribution of power on the international stage. While the full ramifications are yet to be seen, it is clear that this development signals a changing economic landscape and requires careful attention and a strategic response from US policymakers.

[bittraffic]

In my view, This development represents a shift in global economic dynamics and challenges the US dollar's longstanding dominance as the world's reserve currency. This poses a potential risk to the US economy, as reduced demand for the dollar could weaken its value and impact the country's ability to finance its first ever deficit.

What this will bring for the coming days and years I think this move could reduce the influence of the United States in global financial affairs and potentially lead to a redistribution of power on the international stage. While the full ramifications are yet to be seen, it is clear that this development signals a changing economic landscape and requires careful attention and a strategic response from US policymakers.

Anyone could see where this going since we're not gonna accept China to be in the equal footing of US when it comes to making policy. Its only the BRICS countries that see China to be the soon world leader which could lead to war to settle this as part of that strategic responce.

I don't really China the world leader but its still the alternative to US since many countries wants independence from US like the African countries which they will be using Yuan for their trades.

[Sithara007]

Anyone could see where this going since we're not gonna accept China to be in the equal footing of US when it comes to making policy. Its only the BRICS countries that see China to be the soon world leader which could lead to war to settle this as part of that strategic responce.

I don't really China the world leader but its still the alternative to US since many countries wants independence from US like the African countries which they will be using Yuan for their trades.

Argentina has become the latest country to use CNY for international trade. They decided to replace USD with CNY for making payments for Chinese imports. Brazil is also taking steps to settle some of the trade with China in CNY. So it is not just the African countries that are using CNY for international trade. Also, recently Pakistan entered in to a deal with Russia, to import Urals crude and the settlement will be done with CNY. India is one of the few third world nations still refusing to use the Chinese Yuan. But that has more to do with the ongoing border tensions with China. 

[sana54210]

Anyone could see where this going since we're not gonna accept China to be in the equal footing of US when it comes to making policy. Its only the BRICS countries that see China to be the soon world leader which could lead to war to settle this as part of that strategic responce.

I don't really China the world leader but its still the alternative to US since many countries wants independence from US like the African countries which they will be using Yuan for their trades.

I think they are not really alternative to anyone considering the fact that they are so much in debt. I mean sure they have aggressively expending the nation by investing into other nations as well but they are making themselves weaker that way, just one governmental outreach and suddenly all of their situation would be gone.

I think it is going to be a tough situation to handle for them, between so much debt within the nation and so much lesser control of their investments outside of their nation, it is going to be a pretty difficult thing. Think about what happened to Russia, so many rich Russians had investments in other nations, and one sanctions and suddenly they are all gone, so if China attacks Taiwan, all their foreign investments will be suddenly gone.

[DrBeer]

The same will happen with the Yuan
The only difference is that India is not calling to get rid of the dollar, understanding the nonsense of the decision. China really wants to replace normal currencies in the reserves of countries with yuan, which will give in to their "call" and give up the dollar.


"Russia does not know what to do with $147bn in rupees it has amassed.
India has emerged as one of the top buyers of Russian oil after Moscow invaded Ukraine. Historically allies, the two countries are settling a greater share of the trade in national currencies after Russia was cut off from the US dollar-dominated global payments systems. Though it seems like a win-win situation for everybody, there is a problem. Russia does not know how to reap the benefits of this trade.

Moscow is currently accumulating $1 billion in rupee assets each month that remain stranded outside the country, primarily due to the lopsided trade relationship, a Bloomberg report has claimed.

Every quarter, the trade imbalance is likely to generate the equivalent of $2 billion to $3 billion that Russia can't use. Over the course of 2022, the amount would have added to an estimated $147 billion in net foreign assets built up abroad, the report added.

The sum stuck is huge and it can be gauged by the fact that Russia spent 5.51 trillion rubles or $68 billion on defence in 2022, according to a Reuters report. "

https://www.wionews.com/world/russia-does-not-know-what-to-do-with-147bn-in-rupees-it-has-amassed-599540

[Sithara007]

^^^ ₹147 billion translates to $1.78 billion US Dollars. That is around 5% of the annual trade turnover between India and Russia. And moreover, this surplus was accumulated in the first few months of the war, when the Russian traders failed to notice that the Indian Rupee is not fully convertible. Now all the trades between India and Russia are being settled in United Arab Emirates Dirham or the US Dollar. For the Rupees that has been accumulated earlier, Russia can use them to pay for Indian exports. Exports from India to Russia amount to around $3.5 billion per year.

[Uruhara]

Russia and others move to use Yuan is maybe because of the trade war between the US and China which i think affected the stability of the dollar. China's growing economic influence to internationalize the Yuan had made it attractive as an alternative for countries seeking to diversify their currency reserves. I think it is also because of the continuous economic growth of China more countries are now doing business with them and most likely they are using Yuan for transactions.

the long standing US Dollar vs the use of chinesse yuan still long way to go for international transaction.
news is just news and implementing it takes a long time or it's just a plan, it may work or maybe it's just a plan that maybe just a discourse

Some countries already use Yuan for transactions between countries. But only a few countries are BRICS members in it. So it is still too early to exaggerate about the impact of this movement. It's just that the economies of Asian countries are gradually improving and continue to experience extraordinary increases. even now Germany, Britain and America are haunted by recession. But not with several countries in Asia like my country, for example, Indonesia. here the economy is increasingly stable and continues to improve from time to time.

[woez]

I think it's too early to fully understand the impact of this trend. While it is true that the role of the yuan in global transactions is increasing, the US dollar remains the dominant global reserve currency. The stability and liquidity of the US dollar contributed to its widespread use. Although several Asian countries, including Indonesia, have stable and improving economies, this does not apply universally to all countries in this region and True, the international use of the yuan is growing, it has not significantly changed the dominance of the US dollar. Economic conditions differ from country to country, and not all Asian countries have the same economic situation.

[CPNpr]

It is only a matter of time before the use of the Chinese yuan in international transactions becomes complete. But I don't think anyone would agree to go so easily to Yuan.  But I think this is a big strategy of China from my point of view. Once the use of the yuan is fully implemented, China will be on the way to great progress.  But I don't think the US will sit idly by as the yuan replaces the dollar. I heard something a long time ago. By using your own country's currency instead of the US dollar. A few countries are connected to develop an international structure

[DrBeer]

I think it's too early to fully understand the impact of this trend. While it is true that the role of the yuan in global transactions is increasing, the US dollar remains the dominant global reserve currency. The stability and liquidity of the US dollar contributed to its widespread use. Although several Asian countries, including Indonesia, have stable and improving economies, this does not apply universally to all countries in this region and True, the international use of the yuan is growing, it has not significantly changed the dominance of the US dollar. Economic conditions differ from country to country, and not all Asian countries have the same economic situation.

Cheap, and not really secured by a stable economy, the Yuan has no INTERNATIONAL application. There is only REGIONAL use, and only in those unfortunate countries that have not understood the intent and purpose of China. And they are not about "dedollarization" at all.
You don't believe me? I can prove it very easily, but first, here's a question for you: what are the arguments, facts and financial justification of the benefits: either the rejection of the dolar, or the transition to the yuan? Will you try to give a logical answer? Well try, it will be very interesting to listen to your arguments. The problem is that trying to give a logical answer, you yourself will come to the understanding that in the above processes there is no sense, no logic or any benefits, except for the realization of "painful complexes and resentments"

[Argoo]

^^^ ₹147 billion translates to $1.78 billion US Dollars. That is around 5% of the annual trade turnover between India and Russia. And moreover, this surplus was accumulated in the first few months of the war, when the Russian traders failed to notice that the Indian Rupee is not fully convertible. Now all the trades between India and Russia are being settled in United Arab Emirates Dirham or the US Dollar. For the Rupees that has been accumulated earlier, Russia can use them to pay for Indian exports. Exports from India to Russia amount to around $3.5 billion per year.

Your example once again proves that it is very difficult to get rid of generally recognized currencies for international trade. But Russia simply has no other choice than to try to trade with other countries using their national money. After all, international sanctions have cut Russia off from the dollar and the euro. At this forum, there were suggestions that Russia could switch to the use of cryptocurrencies, in particular, bitcoin. But for this, it is necessary that the partner state also agrees to trade in cryptocurrency. And this seems to be a big problem. Probably, in Russia now there is hope for the currency of the BRICS countries, time will tell how this issue will be resolved.

[Sithara007]

Your example once again proves that it is very difficult to get rid of generally recognized currencies for international trade. But Russia simply has no other choice than to try to trade with other countries using their national money. After all, international sanctions have cut Russia off from the dollar and the euro. At this forum, there were suggestions that Russia could switch to the use of cryptocurrencies, in particular, bitcoin. But for this, it is necessary that the partner state also agrees to trade in cryptocurrency. And this seems to be a big problem. Probably, in Russia now there is hope for the currency of the BRICS countries, time will tell how this issue will be resolved.

As far as I know, Russia has stopped using western currencies such as USD, EUR, GBP and JPY. Most of the trade is now being conducted using Chinese Yuan. And trade with countries that are opposed to the usage of CNY is conducted using neutral currencies such as the United Arab Emirates Dirham (AED) and Swiss Franc (CHF). But I agree that in the end, it is near impossible to get rid of USD. Even while using CNY, AED and CNF, the traders are calculating the invoice first in United States Dollar, and then converting them to the neutral currencies.

[fruktik]

Very accurate comment!

Replacing the dollar with the yuan is an extremely stupid exercise.
It's like replacing the dollar, well, let it be with the Iranian real, or the Brazilian real ... Well, they replaced it, and then what? Instability of the economy, lack of provision with real economic power, a huge number of negative factors influencing the value of the currency, .. What BENEFITS will the one who will change the STABLE dollar to the UNSTABLE yuan/real/... get? Actions must have a clearly defined goal that brings benefits or benefits or solves some problem! But today, no matter how much anyone would like, there is NO ALTERNATIVE to the dollar.

PS About the "success of Russia" with the transition to settlements in yuan and rupees, I hope you don't need to tell?
Now China and India have what they wanted and for cheap, while Russia has a bunch of colorful papers, and the inability to exchange them for something Russia really needs

          Do you really think that "managers" from the Russian Federation are capable of taking such a step? Yes, this is sheer nonsense. They're not exactly complete idiots. All these fairy tales are aimed at the internal consumer and nothing more. Some citizens have already fallen for this chatter and threw off their dollars, replacing them with yuan. In the end, everything went, as always, not according to plan. China is on its own. He will not indulge those who are not able to deal with the problems in their own country.
        How many such processes have already been to eradicate the "green paper", but things are still there. Nothing good came of it. Indeed, to date, no country can abandon the US dollar. This will bring an incredible amount of problems with sad consequences.

[DrBeer]

Very accurate comment!

Replacing the dollar with the yuan is an extremely stupid exercise.
It's like replacing the dollar, well, let it be with the Iranian real, or the Brazilian real ... Well, they replaced it, and then what? Instability of the economy, lack of provision with real economic power, a huge number of negative factors influencing the value of the currency, .. What BENEFITS will the one who will change the STABLE dollar to the UNSTABLE yuan/real/... get? Actions must have a clearly defined goal that brings benefits or benefits or solves some problem! But today, no matter how much anyone would like, there is NO ALTERNATIVE to the dollar.

PS About the "success of Russia" with the transition to settlements in yuan and rupees, I hope you don't need to tell?
Now China and India have what they wanted and for cheap, while Russia has a bunch of colorful papers, and the inability to exchange them for something Russia really needs

          Do you really think that "managers" from the Russian Federation are capable of taking such a step? Yes, this is sheer nonsense. They're not exactly complete idiots. All these fairy tales are aimed at the internal consumer and nothing more. Some citizens have already fallen for this chatter and threw off their dollars, replacing them with yuan. In the end, everything went, as always, not according to plan. China is on its own. He will not indulge those who are not able to deal with the problems in their own country.
        How many such processes have already been to eradicate the "green paper", but things are still there. Nothing good came of it. Indeed, to date, no country can abandon the US dollar. This will bring an incredible amount of problems with sad consequences.

unfortunately you have a poor idea of the real level of idiocy of the top management of Russia! You are simply confusing the familiar concept of a "manager" with those who pretend to be them in Russia - primitive THIVES and embezzlers of public funds Yes, there is still an amazing line - this is self-hypnosis! They can inspire themselves with some kind of idiotic idea so much that they will begin to believe in it as a real, very "cool solution", and will strive to implement it!

You don’t have enough of an example with a step towards the ruble “rejection of the dollar”, when Russia gave tens of billions of dollars to China, which surprisingly promotes the topic of abandoning the dollar and yuanization, while collecting “a dollar that no one needs” from everyone
In the end, do you know what happened? China has sharply devalued the Yuan, Russia's losses amounted to many billions of dollars.

And as for the fact that Russia has turned out to be a completely idiotic situation with yuans and rupees, you can easily see for yourself by reading specialized resources.
I'll even tell you what topic to look for:
1. Russia sells oil to India, for rupees. Which, for the most part, were blocked by Indian banks. Those. oil sold - no money. I'm not even talking about dollars - they can't even get rupees.
2. Those rupees that MANAGED to receive - Russia is forbidden, INDIA, to exchange them for dollars in the Indian banking system
3. A similar situation with the Yuan and China.

Believe me, in order to understand the full meaning of the word "idiots" - you need to familiarize yourself with what TOP managers of roshii are doing

[icalical]

Tho specifically for Russia, they move to Yuan because of the US Sanction, China has really huge producing power, most of things are now made in China, so no wonder that they have the power to led other country to directly use Yuan instead of trading with them with USD.
USD clearly won't be as influential as before, so this might not as strong as before it will be more volatile. This will also affect America's political power, they used to have much influence to the global politic as other countries preferring their currency, their embargo won't be as feared as in the past. So yeah, mostly they will lose their power, but to be honest, I think they will find a way to avoid this. Don't get me wrong, I am not a US fan, its just, they have been global power for long, and they always manage to avoid their fall. One of the policy that has been applied was import band from several Chinese company, tho their saying is related to Uighur but it still has economic impact.

[fruktik]

unfortunately you have a poor idea of the real level of idiocy of the top management of Russia! You are simply confusing the familiar concept of a "manager" with those who pretend to be them in Russia - primitive THIVES and embezzlers of public funds Yes, there is still an amazing line - this is self-hypnosis! They can inspire themselves with some kind of idiotic idea so much that they will begin to believe in it as a real, very "cool solution", and will strive to implement it!

You don’t have enough of an example with a step towards the ruble “rejection of the dollar”, when Russia gave tens of billions of dollars to China, which surprisingly promotes the topic of abandoning the dollar and yuanization, while collecting “a dollar that no one needs” from everyone
In the end, do you know what happened? China has sharply devalued the Yuan, Russia's losses amounted to many billions of dollars.

And as for the fact that Russia has turned out to be a completely idiotic situation with yuans and rupees, you can easily see for yourself by reading specialized resources.
I'll even tell you what topic to look for:
1. Russia sells oil to India, for rupees. Which, for the most part, were blocked by Indian banks. Those. oil sold - no money. I'm not even talking about dollars - they can't even get rupees.
2. Those rupees that MANAGED to receive - Russia is forbidden, INDIA, to exchange them for dollars in the Indian banking system
3. A similar situation with the Yuan and China.

Believe me, in order to understand the full meaning of the word "idiots" - you need to familiarize yourself with what TOP managers of roshii are doing

         Unfortunately or fortunately, I understand perfectly well what kind of people (if you can call them that) govern (pretend to be) the country. For more than a year I have been following all the events in the Russian Federation every day and I am fully aware of all the incredible insanity.
       I'm going off topic a bit. I have a conviction that this territory was seized by sectarians. Well, how else to explain that they agree with the "chief shepherd" in absolutely everything? If we draw an analogy with other sects, then all the signs are on the face.
        I sometimes find it funny even to hear the idea that they want to abandon the dollar. Especially in those moments when the next official finds cash in euros and dollars. There's a curtain...
         Indeed, this whole state apparatus is so stupid that the most ridiculous and reckless proposal is embodied in reality in the form of a bill.
         Recently, Russia is being bred and thrown even by small countries. This is the result of the rule of incompetent people.

[Sithara007]

I am worried about one factor. One of the advantages with the US Dollar is that it is more or less immune from market meltdowns. Because if there is a recession in the United States, then the markets around the world will get impacted. If the USD gets weak, then other fiat currencies will also go down. That is not the case with Chinese Yuan. If there is a localized market meltdown in China/Hong Kong, it will not have any impact in other markets. If the CNY goes down against the US Dollar, then those countries that have Yuan in reserves will see their net worth getting reduced.

[DrBeer]

unfortunately you have a poor idea of the real level of idiocy of the top management of Russia! You are simply confusing the familiar concept of a "manager" with those who pretend to be them in Russia - primitive THIVES and embezzlers of public funds Yes, there is still an amazing line - this is self-hypnosis! They can inspire themselves with some kind of idiotic idea so much that they will begin to believe in it as a real, very "cool solution", and will strive to implement it!

You don’t have enough of an example with a step towards the ruble “rejection of the dollar”, when Russia gave tens of billions of dollars to China, which surprisingly promotes the topic of abandoning the dollar and yuanization, while collecting “a dollar that no one needs” from everyone
In the end, do you know what happened? China has sharply devalued the Yuan, Russia's losses amounted to many billions of dollars.

And as for the fact that Russia has turned out to be a completely idiotic situation with yuans and rupees, you can easily see for yourself by reading specialized resources.
I'll even tell you what topic to look for:
1. Russia sells oil to India, for rupees. Which, for the most part, were blocked by Indian banks. Those. oil sold - no money. I'm not even talking about dollars - they can't even get rupees.
2. Those rupees that MANAGED to receive - Russia is forbidden, INDIA, to exchange them for dollars in the Indian banking system
3. A similar situation with the Yuan and China.

Believe me, in order to understand the full meaning of the word "idiots" - you need to familiarize yourself with what TOP managers of roshii are doing

        Unfortunately or fortunately, I understand perfectly well what kind of people (if you can call them that) govern (pretend to be) the country. For more than a year I have been following all the events in the Russian Federation every day and I am fully aware of all the incredible insanity.
       I'm going off topic a bit. I have a conviction that this territory was seized by sectarians. Well, how else to explain that they agree with the "chief shepherd" in absolutely everything? If we draw an analogy with other sects, then all the signs are on the face.
        I sometimes find it funny even to hear the idea that they want to abandon the dollar. Especially in those moments when the next official finds cash in euros and dollars. There's a curtain...
         Indeed, this whole state apparatus is so stupid that the most ridiculous and reckless proposal is embodied in reality in the form of a bill.
         Recently, Russia is being bred and thrown even by small countries. This is the result of the rule of incompetent people.

As a former resident of the USSR, I will explain
Sectarians against the background of those who seized this territory are lovely, friendly, smart people!
The fact is that, in order to understand the structure of power, and most importantly - the GOALS of power, it is necessary to study the history of the formation of the USSR, from about 1917, from the moment of the Revolution. There was a short period when a "provisional government" was in power, and then it was replaced by the so-called "proletariat". In fact, this is an absolutely marginalized group of people who are thirsty for power, total, eager to realize their sadistic fantasies - from bastard control of the masses to trivial violence against those who cannot defend themselves, plus total lies, meanness and cowardice. Read about the concept of the "red terror" of the ideologist of the USSR - Lenin. Parts of this theory were then used in Kompuchia, and in North Korea, and all other bastard regimes of the world. Even Nazism, against the background of the "Soviet system" (and now it is officially called RASHISM), was a "cute regime." Just pick up the data on how many people were destroyed by Nazism, and how much the communist plague that the USSR spread. And as a result - what do you think - such a regime can generate and bring to the top smart, developed, pragmatic, educated people? Of course not - and now we are seeing it. The only thing that saved them was the huge deposits of oil and gas that provided them with a comfortable life, even if they were idiots. Oil and gas sales plummeted, and "all the nonsense became visible"