Bolivia is the latest country in South America to regularly use the Chinese currency in a growing challenge to the hegemony of the U.S. dollar for international financial transactions.
This problem will have to be sorted out. I need to look more into the BRICS plans. Maybe a system of X goods in one currency and Y goods in the other currency, so there’s a balance. Then a formula for deciding the ratio X:Y.
probably cause there is already a system set up for doing transfers and it’s a lot of work to make your own, and they already do a bunch of trade with China
Why not its own currency?
This problem will have to be sorted out. I need to look more into the BRICS plans. Maybe a system of X goods in one currency and Y goods in the other currency, so there’s a balance. Then a formula for deciding the ratio X:Y.
You do know that international trade is international? Petrodollars is whats keeping the US afloat.
I think Shrike is asking, if they’re not using the petrodollar, why use Yuan rather than the other country’s currency.
Edit: Bolivia uses the Boliviano.
Well because you need a large stable currency that all agrees on. Yuan or bolivares? What would you like to be paid with?
probably cause there is already a system set up for doing transfers and it’s a lot of work to make your own, and they already do a bunch of trade with China