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BRICS Accelerates Dollar Diversification as Chinese Firms Convert $51.8 Billion to Yuan

BRICS Accelerates Dollar Diversification as Chinese Firms Convert $51.8 Billion to Yuan

Author:

Global Cryptocurrency

Published:

2025-10-23 14:21:01

15

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BTCCSquare news:

Chinese banks facilitated a record $51.8 billion foreign exchange sell-off in September, the largest since December 2020, as corporate clients shifted from USD to yuan. The MOVE aligns with BRICS' de-dollarization push and comes amid heightened trade tensions with the US.

Export-driven currency conversion surged alongside robust September trade figures, partially offsetting capital outflows from onshore bonds. The People's Bank of China reinforced the trend by maintaining the yuan's reference rate at a one-month high, countering US tariff pressures.

"Yuan internationalization is gaining structural momentum," said ANZ's Head of Asia Research Khoon Goh. The coordinated BRICS response to US trade actions signals a strategic pivot toward alternative settlement currencies in global trade.

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