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De-dollarisation: Bangladesh ditches dollar, to pay Russia in Chinese yuan for nuclear plant
FirstpostDhaka: The US dollar is gradually losing its hegemony and this has become all the more real after Bangladesh has decided to settle payment for a nuclear plant to Russia in Chinese yuan. Also Read: Dollar’s dominance at risk, says US Treasury Secretary Janet Yellen The decision to clear the stalled payments to Russia for the nuclear power plant in yuan was taken by a high-level delegation from Russia and Bangladesh’s Ministry of Finance. Don’t Miss: Dollar Dumped: How the first China-UAE gas deal in yuan is a big blow to US During their bi-lateral summit in March this year, Chinese President Xi Jinping and his Russian counterpart Vladimir Putin said, “We are in favour of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa and Latin America.” Bangladesh’s share of yuan as foreign currency reserve Since 2017, Bangladesh’s central bank has been building up the share of yuan in its foreign currency reserves. Must Read: Dollar Decoupled: Donald Trump warns US currency ‘crashing, will no longer be the world standard’ In September last year, a circular was issued by Bangladesh Bank allowing commercial banks in the country to maintain accounts in yuan with their corresponding branches abroad to settle overseas transactions.
History of this topic
Coldness in Beijing, Hot mess in Dhaka
New Indian Express
Ascent of yuan in India’s indirect trade with Russia
Live Mint
Modi’s ‘rouble wise rupee foolish’ policy
The Hindu
Severe dollar crisis hobbles Bangladesh businesses
Al Jazeera
Amid Western sanctions, China’s yuan has its moment in Russia
Al JazeeraDiscover Related
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