Last week according to Fareed Zakaria for Washington Post after the three-day summit between Vladimir Putin and Xi Jinping, the almighty dollar frequently used for international trade across the globe might begin to lose its superpower.
“We are in favor of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa and Latin Americ,” Putin said at the summit.
Although the summit didn’t grab the media’s attention, but the outcome says otherwise.
It has been echoed that according to The Straitstimes; China and Brazil have recently striked a deal to ditch dollar for trade.
“China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said on Wednesday, Beijing’s latest salvo against the almighty greenback,” a Wall Street Silver account posted on Twitter.
And according to the Twitter account, China and France recently completed LNG trade using yuan. This could have a serious effect on dollar for future energy trades. Judging from this outcome, will African countries join the new boat?
According to different individual opinions on Twitter, dollar will most likely remain a monopoly in the African market with probably a few exceptions like South Africa among others.
It has also been said that Saudi Arabia, one of highest oil producing countries, plans to join the trade alliance with China, Russia, India and Pakistan.
By Elijah Christopher
