Bolivia is the latest country in South America to regularly use the Chinese currency in a growing challenge to the hegemony of the U.S. dollar for international financial transactions.
As the article explains, the purpose of using Yuan is to replace the use of USD:
In Latin America and the Caribbean, the use of the yuan is growing especially “in those countries that are looking to establish stronger ties with China, that view themselves as in some way politically aligned on this particular objective on decreasing their overall reliance on the dollar and on the U.S. in general,” said Margaret Myers, director of the Asia & Latin America Program at the Washington-based Inter-American Dialogue.
Maybe if I do the wrong thing too, this will correct the balance in the universe. You’re a visionary OP! My mother lied to me from an early age. Two wrongs actually Do make a right.
Except, it’s not wrong. If you bothered to actually read the article, you would see why Time chose the title:
Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday.
“We’re already using the yuan. It’s a reality and a good start,” Montenegro said during a news conference. “Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods.” These electronic transactions are carried out through the state-owned Banco Unión.
“The amount being used in yuan is still relatively small, but it will increase over time,” Montenegro said.
What they’re saying is that Yuan is already 10% of the trade and they’re planning to continue shifting to using it over dollars.
You should let the editors at Time know they’re being intentionally misleading spreading anti US propaganda. 😂
Currently the title of the post and the article are not the same
Are you saying the title of the post, aside from being shorter, also has a different meaning from:
Well yes.
Your title uses “instead of”. “Instead of” means a replacement, not a coexistence, let alone a 10% participation.
The original title doesn’t suggest that.
As the article explains, the purpose of using Yuan is to replace the use of USD:
Which is not what is happening since Bolivia is using the Yuan for trades that were previously made in USD.
By saying this challenges the US dollar, it definitely suggests that it’s no coexistence.
Instead of implied like they don’t use USD anymore, but it’s more like “in addition to using mostly USD still”
The article literally says the intent is to replace the dollar.
It’s basically the same
Maybe if I do the wrong thing too, this will correct the balance in the universe. You’re a visionary OP! My mother lied to me from an early age. Two wrongs actually Do make a right.
Except, it’s not wrong. If you bothered to actually read the article, you would see why Time chose the title:
What they’re saying is that Yuan is already 10% of the trade and they’re planning to continue shifting to using it over dollars.