Yuan..

 

BRICS is looking to create a new currency to take on the U.S. dollar on the international stage for cross-border transactions. 

China’s President Xi Jinping is moving to convince several countries to settle trade with the Chinese Yuan. 

France recently settled an LNG gas trade with the Chinese Yuan and not the U.S. dollar. In addition, Yuan is now the top traded currency in Russia and not the USD. 

The development is adding strain on the dollar’s prospects and challenging its supremacy as the world’s reserve currency.

However, despite the aggressive efforts, China does not want the Chinese Yuan to replace the U.S. dollar, reported Business Insider. 

While the Yuan is the top contender to take on the dollar, China does not want it to be the global reserve, according to BI.

 

The U.S. projects power across the globe through its massive military. It also weaponizes the U.S. dollar, using its economic dominance as both a carrot and a stick.

This may erode its stick.   Just a thought.