March 28—Global Times in an article today promotes use of national currencies instead of the dollar in trade—especially the renminbi—and China’s Cross-Border Interbank Payments System (CIPS). It says 1,300 banks internationally are now using CIPS; also that the yuan experienced rapid growth in trade use and became in 2021 the fourth-most widely used currency. (Although a very distant fourth.) “Over the past weeks, there has emerged very encouraging examples in which major trade powers initiated to demand processing bilateral trade in their own currencies. For an example, India and Russia agreed to a rupee-ruble exchange scheme to trade crude oil and other products, and, Saudi Arabia and China are reportedly discussing using China’s yuan to process oil purchases.
“As a matter of fact, the rapidly changing global geopolitical landscape is forcing many governments to re-think the viability, and most importantly, the impartiality and righteousness of the world’s current financial system, in which the U.S. dollar has played a predominant role ever since the end of the WWII.”
