Pakistan Reportedly Pays Yuan for Russian Oil, Boosting Global Function
Pakistan has reportedly paid with yuan for an oil trade with Russia, the South Asian country’s petroleum minister said on Monday, making Pakistan the latest country to join the global de-dollarization campaign.
Analysts said that Pakistan’s move sends a positive signal that more countries have begun to accept the yuan as a cross-border payment tool, and also that the Chinese currency’s function as an international settlement mechanism and means of circulation is strengthening.
They said that it is an unstoppable but long-term trend for countries to ditch the US dollar, and a diversified monetary system may be introduced in the future if the US no longer plays a leading role in promoting economic globalization and ensuring international currency system stability.
Source:GlobalTimes
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