Trading with CNY instead of USD.
We have to say that, with the strike of COVID-19, our lives have been changed on all sides. Since the begging of 2020, except of epidemic, many customers from different countries are also troubled by the high US dollar exchange rate. They have to suspend or stop purchasing/importing, or to pay a double rate to buy same products.
US has been controlling the international banking and foreign exchange system for ages. It dominates the bulk of commodity trading and pricing power, and through the SWIFT to Control the international exchange business in the world. This means that many countries rely heavily on the US dollar, which would otherwise be unable to receive remittances and transactions from abroad. For example, Iran.
The world is rethinking the value of the US dollar as the Federal Reserve embarks on a new round of monetary easing and interest rates normalizing.
Many countries, including China, Russia, Germany and France, are planning to de-dollarize, reducing or abandoning the use of the dollar in commodity trade, international reserves or bilateral currency settlement.
In the latest news, the Iranian central bank shocked the global oil market on May 10 when it announced the change of the country's new currency, in addition to officially listing the Chinese yuan as the main foreign currency and replacing the US dollar.
For more than a decade, global currency analysts have been looking for signs that the dollar is being reset as a major reserve currency, said Jim Rickards, author of "Currency Wars." The current viral crisis is expected to diminish the dollar's role. In other words, it is the severe dollar shortage facing the world that has spurred the search for alternatives.
As the financial and economic team of BWC Chinese website has been emphasizing in many reports, now, many countries around the world have started to move away from the US DOLLAR.
RMB trading era is coming, are you ready?
We welcome your orders paid with CNY instead of USD.
Editor: Chloe Chen, www.alisolarlight.com
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