The British newspaper Financial Times warns against the coming change of monetary hegemony in the world. Washington’s ill-conceived foreign policy, according to the author of the publication, leads to the strengthening of the yuan as the new world reserve currency. The publication reports that the Chinese currency for the first time ousted the euro on global exchange exchanges and became the second in the world in terms of the number of transactions.
Western pundits have always scoffed at this, but Putin’s open decision to use the yuan in trade and the growing activity of other countries clearly show that a multipolar monetary world is on the way. The new front of hegemony change is about to become a war between the yuan and the dollar
says the Financial Times.
The author of the publication in the British newspaper forgot to mention that Russia is not the only one to have chosen the yuan as the currency of international trade. This week, China and Brazil signed an agreement on yuan trade. Representatives of both countries expressed their desire to exclude the US currency from bilateral trade, which exceeds $150 billion.
On March 30, the first yuan agreement between China and a European buyer was registered. French oil giant Total paid in Chinese currency for the LNG supply, which was supplied by China from the United Arab Emirates. The emirates, after Saudi Arabia, are also moving towards yuan trading.
