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Cosmoterios

18,576 Posts.

2630

07/04/23

09:59

Post #: 67182553
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Originally posted by TillLindemann: ↑

Some (not all, not even close) trade between Brazil and China specifically, and Saudi and China specifically will be in RMB, in time, rather than USD.

But even if all trade between Saudi and China, and Brazil and China, immediately converted to RMB. The total annual trade that would cover would be about $200 billion (incidentally, notice how the dollar is the default in discussion, 99% of people would have no idea what 200 billion of RMB is).

Total annual global trade is approx 35 trillion.

So the deals announced to great fanfare on hotcopper this week by CCP fans, may nudge up the RMB from 3% of global trade, to a whopping 3.05% of global trade.

The yuan may have slightly better prospects than the imaginary never-to-exist BRICS currency some on here are excited about. But for the foreseeable future it will remain absolutely insignificant in relation to the dollar (or indeed the euro).

@szaba_the_hut

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Here is a new agreement between India and Malaysia and India and Bangladesh (just a few days ago), to settle their trades in local currencies - INSTEAD OF USD.

Now, US and EU have only themselves to blame for stealing $300B of Russian Forex Reserves.

Moving forward, NOBODY is going to trust them, holding their Forex Reserves.
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