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 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance is becoming successful in convincing developing countries to end reliance on the U.S. dollar and pay in the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> as an alternative currency, and <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a> is an example. <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a> is using the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> to settle cross-border transactions and not the U.S. dollar, reported the Associated Press.</p> 
 <p>The Bolivian Economic Minister, Marcelo Montenegro acknowledged that the country’s Central Bank switched to the Chinese Yuan for global trade. The Latin American country is harnessing the Chinese Yuan due to the U.S. dollar’s shortage that’s plaguing its economy.</p> 
 <p><strong>Also Read: Russia &amp; India Make Huge Announcement on BRICS Currency</strong></p> 
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 <h2 class="wp-block-heading" id="h-brics-bolivia-uses-chinese-yuan-sidelines-the-u-s-dollar">BRICS: Bolivia Uses Chinese Yuan, Sidelines The U.S. Dollar</h2> 
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    Source: news.bitcoin.com 
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 <p>Montenegro stressed that <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a> plans to have a branch of a Chinese bank in the country. The Chinese branch of the bank would accelerate currency adoption, allowing smoother and more cost-effective remittance. <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a> is facing a dollar crunch which has affected its economy including the exchange rate of the U.S. dollar.</p> 
 <p><strong>Also Read: BRICS Prohibits Western Countries From Attending Summit in August</strong></p> 
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 <p><strong>“It is clear that sometimes it is not necessary to have a bank to carry out operations. But having a Chinese bank or one close to the region can also facilitate operations much more smoothly,”</strong> he said.</p> 
 <p>The Bolivian Central Bank is carrying out settlements using the Chinese Yuan only in some of its international transactions. The majority of the settlements are currently being initiated in the de facto global currency, the U.S. dollar.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US Dollar Chinese Yuan Currency" class="wp-image-92754 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 300w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 768w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 380w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 550w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 800w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp.webp 1920w" data-srcset-img="https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 1024w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 300w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 768w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 1536w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 380w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 550w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 800w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 1160w, https://cdn.thebittimes.com/images/2023/07/28/d783dec7e3ffd272821121334e4c8968.webp 1920w" data-eio="j"> 
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    Source: energyintel.com / rustamxakim/ Shutterstock 
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Invites Leaders From 69 Countries To Attend Summit in August</strong></p> 
 <p>The governments of <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a> and China are in talks to set up a Chinese bank to act as intermediaries for transactions. China’s Ambassador, Huang Yazhong said that the process of opening a Chinese bank in <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a> will boost the Yuan. Additionally, <a rel="noopener noreferrer nofollow" title="Bolivia" href="https://thebittimes.com/tag/bolivia.html">Bolivia</a>’s President Luis Alberto Arce openly called for the de-dollarization of the country and expressed his support for <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>.</p> 
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 <p><strong>“Our region is seriously affected by the restrictions imposed by the northern financial system, which limits financing options, making it necessary to reduce dependence on the U.S. dollar and diversify our economic relations,”</strong> he said.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>Bolivia</li> 
  <li>BRICS</li> 
  <li>Chinese Yuan</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div>

BRICS: Bolivia Ditches U.S. Dollar, Pays Chinese Yuan for Global Trade

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