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Cryptocurrency discussions / Re: China Proposes an 'Asian Yuan' to Reduce Dependency on the US Dollar
« on: December 25, 2023, 11:43:31 PM »The Chinese Yuan can be accepted for goods supplied within the scope of trade with that country. Even in Russia, big problems have arisen with excess yuan, which they no longer know where to spend. With India, the problem is of a different order: by supplying oil for rupees, Russia is faced with the fact that Indian banks do not want to withdraw their rupees from the country. Therefore, Russia has tens of billions of dollars worth of rupees in Indian banks, but cannot fully manage them. There cannot be such problems with dollars, since there are no problems with the liquidity of the dollar.
The Asian Yuan seems to have the aim of introducing the use of the yuan currency to Asian countries, and of course it provides information that by using this currency you can get whatever you want. The main aim is to replace the US Dollar, which currently many people use.
China is seeking to get rid of dollars because it anticipates possible conflicts from the United States, for example, over Taiwan, and receiving sanctions following the example of Russia. And Russia has more than 300 billion dollars in banks abroad, which are frozen and the issue of transferring them to Ukraine to compensate for losses caused by Russian aggression is being decided. Naturally, China does not want similar problems with dollars in the future.