JUST

Yuan

<div class="watcher-guru"> 
 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance made it clear at the ongoing summit in Johannesburg that local currencies will be used to settle cross-border transactions among member countries. The <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> is a strong contender among the other currencies that could be used for remittances.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">JUST IN: 🇷🇺 Russia's President calls on <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> to abandon the US Dollar and settle trade in local currency. pic.twitter.com/M7OPRX5CI4</p>— Watcher.Guru (@WatcherGuru) August 23, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>If more countries begin to ditch the U.S. dollar and trade in the Chinese Yuan, will the greenback decline? In this article, we will highlight the level of threat the Chinese Yuan can pose against the U.S. dollar.</p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <p><strong>Also Read: 5 New Countries Expected To Join BRICS</strong></p> 
 <h2 class="wp-block-heading" id="h-brics-chinese-yuan-a-threat-to-the-u-s-dollar-s-prospects">BRICS: Chinese Yuan a Threat To the U.S. Dollar’s Prospects?</h2> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" width="1000" height="563" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US dollar Chinese Yuan BRICS Currency" class="wp-image-104548 ewww_webp" sizes="(max-width: 1000px) 100vw, 1000px" data-src-img="https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 1000w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 1000w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 800w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="1000" height="563" src="https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp" alt="US dollar Chinese Yuan BRICS Currency" class="wp-image-104548" srcset="https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 1000w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 800w" sizes="(max-width: 1000px) 100vw, 1000px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Source: thecradle.co 
  </figcaption> 
 </figure> 
 <p>Benn Steil, the Director of International Economics at the Council on Foreign Relations, said that the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> will not be a threat to the U.S. dollar. The economist highlighted that the Yuan accounts for less than 3% of the world’s global reserves. On the contrary, the U.S. dollar accounts for 59% of all global transactions in 2023. There’s a big gap between the two, and the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> might not race ahead in large numbers.</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p><strong>Also Read: BRICS: The Mighty Dollar Faces ‘Do or Die’ Situation</strong></p> 
 <p><strong>“The Chinese renminbi, which accounts for less than 3% of global reserves, is not a serious threat to dollar hegemony,”</strong> Steil said.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="White House Report Says That Crypto Mining Causes Greenhouse Gas Emissions" class="wp-image-51817 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp.webp 1920w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1536w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 800w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1160w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1920w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp" alt="White House Report Says That Crypto Mining Causes Greenhouse Gas Emissions" class="wp-image-51817" srcset="https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1536w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 800w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1160w, https://cdn.thebittimes.com/images/2023/08/24/64931578c5135d61628ec0b457b56fb1.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Source: The Block 
  </figcaption> 
 </figure> 
 <p>The economist added that other currencies have slim chances of dethroning the U.S. dollar on the global stage. He stressed that the only threat to the USD comes from the U.S. government and the Federal Reserve. Steil said that their bad policies could make the dollar head backward, eventually giving room for other currencies to compete.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: China Targets U.S., Says America Is Obsessed With Hegemony</strong></p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
 <p><strong>“The biggest threat to the dollar’s dominance comes not from competitive alternatives, but from the U.S. government itself,” </strong>he said. The analyst added, <strong>“The recent standoff over the federal debt ceiling and the Fitch Ratings downgrade,”</strong> are examples of bad governance. Therefore, while foreign currencies are not seen as a threat to the USD, the government’s policies are a danger.</p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>Chinese Yuan</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div>

BRICS: Is Chinese Yuan a Growing Threat to the U.S. Dollar?

Table of Contents

TheBitTimes

Other articles published on Aug 24, 2023

Bots Rake in Over $2 Million in Profits Sniping Friend.Tech Keys, Here’s How They Made Millions

MATIC’s Price May Be Gearing Up for a Bullish Breakout

The Inside Story Of FTX’s Collapse: A Former Engineer Breaks Silence!

FTX files motion for Galaxy Digital to manage recovered crypto holdings

US Government Suing Elon Musk's SpaceX

Tulip Trading Accused of Claiming False Ownership of Bitcoin

Join our free newsletter for daily crypto updates!