Source: scmp.com / Reuters
The International Monetary Fund (IMF) has warned that many countries are settling trade with the Chinese Yuan and ditching the U.S. dollar for cross-border transactions. Countries such as Brazil and Iran are moving ahead by paying the Chinese Yuan and sidelining the U.S. dollar, in support of the BRICS mission. BRICS’ oil-rich Saudi Arabia is also following the path of de-dollarization by settling international trade with China with the Yuan.
Just recently, Saudi Arabia purchased oil at record levels from Russia to help the nation evade the U.S. sanctions. Saudi laundered the oil into the European markets elbowing the Biden administration’s sanctions on Russia. Therefore, Saudi Arabia and other Middle East countries are eager to end reliance on the U.S. dollar and could promote the soon-to-be-released BRICS currency