China's yuan expands its growing foothold in South America as Bolivia reduces reliance on US dollar
Bolivia is reducing its reliance on the US dollar and turning to the yuan, marking the latest sign that China's currency is expanding its growing foothold in South America.
"We're already using the yuan. It's a reality and a good start," Marcelo Montenegro said at a news conference,."Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods." Bolivia's currency, the boliviano, is pegged to the dollar. But the country has been hit by dollar shortages recently as lower natural gas production hit exports.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scientists Say Atlantic Current Collapse Could Lead to Extreme Cold in Europe and South AmericaResearchers are warning that crucial ocean currents called the Atlantic Meridional Overturning Circulation could collapse as soon as 2025.
Read more »
Northern China faces Doksuri floods as south mops up from stormChina coped with floods in the north from a weakening Typhoon Doksuri on Sunday, with expected record rains in Beijing, while people in the south mopped up, even as another storm loomed off the coast.
Read more »
Yum China stock falls as fast-food chain in China reports lower salesShares of Yum China Holdings Inc. dropped more than 3% in the extended session Monday after the operator of KFC, Pizza Hut and other fast-food brands in...
Read more »
America’s Downtown Ghost TownsHalf of all American workers still aren’t back in office full-time. What does that do to a downtown economy?
Read more »