BRICS: 40 Countries Look To Ditch the US Dollar
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BRICS member China is actively promoting the use of the Chinese yuan for cross-border transactions, aiming to convince 40 new countries to adopt the yuan instead of the US dollar. This move is part of a broader de-dollarization trend, with the usage of the yuan for trade settlements increasing significantly from 2% in 2019 to 4.6% in 2024. The growing adoption of the yuan poses a threat to the dominance of the US dollar in global trade. If the US dollar loses its position as the primary currency for international trade, it could lead to inflation in the US as the dollar returns to the domestic market. Maintaining the dollar's top position is crucial for the stability of the American economy and to keep prices low.
