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IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment

 
The Don Of Nantucket
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07/16/2023 10:40 AM

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IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment
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The International Monetary Fund (IMF) has hinted that it may accept the Chinese Yuan as a currency for countries to settle their obligations with the IMF following Argentina’s recent debt repayment in yuan.


IMF spokesperson Julie Kozack confirmed on Thursday that Argentina had paid off part of its debts—equivalent to $1.1 billion of the $2.7 billion that matured last month—with the IMF in Chinese currency.

“As we have stated in the past, the Argentine authorities continue to remain current on their financial obligations to the IMF,” Ms. Kozack said at a press briefing.

“The RMB is one of the five freely usable currencies that members can and have used to settle their obligations with the IMF,” she added, referring to the Chinese currency by its official name, the renminbi.


Yuan Far From Dethroning Dollar

Aside from Argentina, Brazil also signed an agreement with China earlier this year that would allow them to conduct trade and investments in their own currencies, further reducing the U.S. dollar’s dominance.

Milton Ezrati, chief economist at Vested, a New York-based communications firm, said the deal is an attempt to elevate the yuan as an international currency, yet, “the yuan is a long way from an international reserve currency such as the dollar.”



Slowly at first...
PLATA BITCHEZZZZZZ

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48Panhead

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07/16/2023 10:49 AM
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Re: IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment
rather see the IMF and the UN defunded by the US Congress myself.
48Panhead
The Don Of Nantucket  (OP)

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07/16/2023 12:21 PM

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Re: IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment
rather see the IMF and the UN defunded by the US Congress myself.
 Quoting: 48Panhead


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PLATA BITCHEZZZZZZ

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Anonymous Coward
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07/16/2023 12:26 PM
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Re: IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment
WHAT!?! No use of us promissory notes?

We're about to be left behind.





GLP