Posted 12/9/2023, 2:03:22 PM
China Pushes Zambia to Conduct $2 Billion Copper Trade in Yuan, Bypassing US Dollar
- China is pushing Zambia, Africa's 2nd largest copper producer, to conduct $2 billion in annual copper trade in Chinese yuan instead of US dollars
- This would be the first time such a large copper trade is conducted in yuan rather than dollars
- China controls supply-chain interests in Africa and can exert influence to push de-dollarization
- This is part of BRICS' broader effort to replace the US dollar as the global reserve currency
- Widespread de-dollarization could negatively impact multiple sectors in the US economy