QATAR JUST SHIFTED TO YUAN FOR MAJOR TRADE DEALS AND THE DOLLAR IS FEELING IT
QATAR JUST SHIFTED TO YUAN FOR MAJOR TRADE DEALS AND THE DOLLAR IS FEELING IT
Qatar has reportedly dropped the US dollar for the Chinese yuan in major trade agreements. No official announcement from Doha. But financial sources and social media are sounding the alarm.
BRICS nations now account for 39 percent of global GDP. Over 80 percent of Russia-China trade is settled in their own currencies. Russia completely liquidated its US Treasury holdings last year, replacing them with gold.
China just signed 26 international financial institutions to its digital yuan platform for cross-border payments. Banks from Qatar, Singapore, and Brazil are on board. The infrastructure is ready.
Doha sits at the centre of global gas trade. If Qatar trades gas in yuan, other producers will follow. The petrodollar system is cracking.
If Qatar can drop the dollar, what stops Saudi Arabia from doing the same. And what happens to your savings when the entire system stops needing dollars to buy oil.