The Washington PostThe Washington Post

Move over, U.S. dollar: China wants to make the yuan the global currency

By Meaghan Tobin

16 May 2023 · 5 min read

Editor's Note

The yuan is increasingly relevant as a currency for international trade, reports the Post; that fits with Xi Jinping's aim to insulate China from the fluctuations of the dollar and Western sanctions.

Newsan, one of Argentina's biggest home appliance retailers, imports most of its products from China. Until now, it was paying for fridges, TVs and parts in U.S. dollars, the currency of international trade.

But last month, as part of a bid to relieve pressure on Argentina's dollar-strapped economy, Newsan started doing something new: settling deals in Chinese yuan.

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