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Kenya, Panama, Sri Lanka, and other developing countries have snubbed the US dollar to receive loans from BRICS member China in the Chinese yuan, reported the Times of India. The emerging economies are seeking the Chinese yuan over the US dollar as the financing is cheaper in local currencies. To keep things in context, Panama saves over $200 million by switching to the yuan as FX rates are cheaper. This makes China’s local currency more attractive in terms of finances than the greenback. Kenya completed talks with BRICS member China last month to receive $5 billion in loans in the Chinese yuan. China’s Exim Bank will disburse the loan, which will be used for a major railway project in the African nation. On the other hand, Sri Lanka has requested loans in the yuan for a stalled infrastructural project. The Communist country will most likely accept the request and process the yuan. Also Read: BRICS To Hold Virtual Meet on Monday To Discuss Trump’s Tariffs BRICS Loans in the Chines...

China has been very open about its de-dollarization agenda. While the BRICS bloc of nations has expressed a desire to move away from a US dollar-based global system, none has been more steadfast than China. The nation has been pushing to make the yuan a global currency. The Chinese Communist Party (CCP) has even achieved substantial success for its efforts. China’s De-Dollarization Initiatives Taking Hold Source: Watcher.Guru China’s strategic movements have stealthily placed the yuan as a competitor to the US dollar in global trade. China’s de-dollarization initiatives have substantially put a question mark on the US dollar’s dominance. The yuan has seen a significant increase in global trade settlements over the last decade. The figure is only expected to rise over the coming years. Earlier this year, it was revealed that China has signed 40 currency swap agreements with foreign banks. The move further sheds light on how fast the country is moving away from the...

As the BRICS bloc continues its de-dollarization efforts, Saudi Arabia is reportedly considering the adoption of the petroyuan for oil settlements, thereby ditching the petrodollar. The Minister of Industry for Saudi Arabia has said that the nation is open to trying “new things,” in regards to its cooperation with China. Riyadh has had a relatively confusing relationship with the BRICS bloc. Although it had initially accepted an invitation to be included in its 2023 expansion, the nation has yet to join. Yet, the country has received an invitation to the Alliance 2024 summit and is seeking an increased relationship with China. JUST IN: Saudi Arabia says it's open to using the petroyuan for oil settlements. Will Saudi Arabia officially ditch the petrodollar? pic.twitter.com/MJXS9kJUbI — BRICS News (@BRICSinfo) September 11, 2024 Also Read: How Much Oil Reserves Does Saudi Arabia’s Aramco Hold? Saudi Arabia ‘Open’ to Oil Settlements in the Chinese Yuan, Off...