Iraq - another puzzle to the Yuan picture

Iraq has allow trade from China to be settled directly in yuan. Who would have thought?

On the 22nd of February Reuters has published a short info about yet another country deciding to dump USD and trade with China using Yuan. This might not be a groundbreaking achievement for Beijing but it’s another foundation brick laid in the new world order. The path for China and other state actors that want to end the dollar hegemony is stil long and twisty and the sucess is not guaranteed but… one brick at a time. In China they know how to put bricks one at a time.

Acording to Reuters there is a dollar shortage in the region:

“The central bank has been taking urgent steps to compensate for a dollar shortage in local markets, which prompted the cabinet to approve a currency revaluation earlier this month.”

It seems a bit odd as the FED is still pumping USD like crazy but it is as it is. One thing is certain. We still can’t see any hints that Washington has a plan to cunter that situation. Or maybe it doesn’t want to counter it? Maybe it will slowly step down?

Source:

https://www.reuters.com/article/iraq-china-trade/update-1-iraq-to-allow-trade-with-china-in-yuan-state-media-idUKL1N3520LP

https://web.archive.org/web/20230222163203/https://www.reuters.com/article/iraq-china-trade/update-1-iraq-to-allow-trade-with-china-in-yuan-state-media-idUKL1N3520LP