Argentina Officially Switches to Yuan in Trade with China

Argentina’s president Alberto Fernandez with Sino-Friendship Champion Xi Jinping

Are you okay, America?

You seem to be losing friends at an alarming rate.

Maybe try changing up your style a bit?

RT:

Argentina will aim to pay for the bulk of its monthly imports from China in yuan rather than US dollars, Economy Minister Sergio Massa announced on Wednesday. Buenos Aires and Beijing signed a currency swap agreement last year, aimed at stemming the outflow of foreign currency from Argentina’s central bank.

China is currently Argentina’s second largest trade partner after Brazil, and the second biggest destination for Argentinian exports. Argentina’s total imports from China were around $13.5 billion in 2021, according to the United Nations database on international trade.

…

On a visit to China earlier this month, Brazilian President Luiz Inacio Lula da Silva called on developing nations to move away from the US dollar in favor of their own currencies. India is also working to use its own currency or yuan to settle trade with China, while Russia started to accept payments for its exports from a number of countries in rubles and Chinese yuan.

The dollar as trade currency is in a state of hemorrhage.

The US government doesn’t seem concerned about it at all. It’s not clear what that means, and it could potentially mean several different things.

Of course, it’s always important to remember that the dollar remains the basis of all these other currencies, so “non-dollar trade” is in some ways actually still dollar trade.

But it’s a good sign that the whole world is willing to just spit in the face of Creepy Uncle Sam.