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 <p>BRICS member China could use the Belt and Road Initiative (BRI) to advance the Chinese Yuan and diminish the USD. For the uninitiated, China launched the Belt and Road Initiative in 2013 and provides loans to developing countries to build seaports, infrastructural projects, and railroads, among others. China finances developmental projects worldwide by releasing huge loans to Pakistan, Sri Lanka, and several African countries.</p>
 <p><strong>Also Read: BRICS: 15 Countries to Ditch US Dollar for Oil Trade?</strong></p>
 <p>A total of 155 countries have signed the <a rel="noopener noreferrer nofollow" title="Belt and Road Initiative" href="https://thebittimes.com/tag/belt-and-road-initiative.html">Belt and Road Initiative</a> with China and received funds for developmental projects. However, reports indicate that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member China could soon use the BRI initiative to further the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a>’s usage by putting it ahead of the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a> for global trade. Read here to know the list of countries that have signed the BRI agreement with China.</p>
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 <p><strong>Also Read: BRICS: De-Dollarization Gaining Steam in Developing Countries</strong></p>
 <h2 class="wp-block-heading" id="h-brics-china-could-use-chinese-yuan-for-belt-and-road-initiative-amp-challenge-usd">BRICS: China Could Use Chinese Yuan For Belt and Road Initiative &amp; Challenge USD</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp" alt="usa china us flags brics" class="wp-image-111747" srcset="https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 1024w, https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 300w, https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 768w, https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 380w, https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 550w, https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 800w, https://cdn.thebittimes.com/images/2023/12/04/d7ac942b3b2c16e40be04e51caff1510.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>China is looking to internationalize the Chinese Yuan through BRI as 155 countries fall under the bracket of the Communist nation. Reports suggest that China is waiting for the Digital Yuan (CBDC) to take shape before making the Yuan the de facto payment for BRI projects.</p>
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: U.S. Dollar Dips Against Local Currencies</strong></p>
 <p>In other words, countries that receive loans from China through BRI could soon return the finances with the Chinese Yuan. The USD might no longer be used to settle loans with China in the coming future. 155 countries could initiate loan repayment in the Chinese Yuan and not the US dollar if the rule is announced.</p>
 <p>Read here to know how many sectors in the US will be affected if China pulls such a move. The Digital Yuan could change the prospects of global trade and the Belt and Road Initiative will be the catalyst. The BRI initiative coincides with the BRICS alliance that is also looking to dethrone the USD’s prospects.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>Belt and Road Initiative</li>
  <li>BRICS</li>
  <li>china</li>
  <li>Chinese Yuan</li>
  <li>US DOLLAR</li>
  <li>USD</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-150-countries-to-pay-chinese-yuan-not-usd-for-loan-repayment-tbt72545.html">https://thebittimes.com/brics-150-countries-to-pay-chinese-yuan-not-usd-for-loan-repayment-tbt72545.html</a></p>

BRICS: 150 Countries To Pay Chinese Yuan, Not USD for Loan Repayment?

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