Chinese ambassador proposed trading in local currencies, not US dollars

Chinese ambassador proposed trading in local currencies, not US dollars

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“Now this is a worldwide problem. This fluctuation in the value of the dollar is due to the fiscal and monetary policy of America. So, the global south, developing countries as well as China are facing the same problem. This is something where China wants to work with Bangladesh,” he said.

Yao Wen also said, “Maybe one way to do this is to use our own currencies. We have approached Bangladesh and are talking to them to see how we can use their currencies more instead of the US dollar. Wat can be done.”

China, the world’s second largest economy, has been conducting trade transactions with many countries using its currency Yuan. The country has been trying its best for the last few years to ensure that its currency can be used more in global trade.

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