TEMPO.CO, Jakarta – The world’s Top 3 yesterday started with the United States Minister of Finance who warned that Russia and China would find it difficult to shift the US dollar from international trade. The second top 3 world news is the government Chinese welcome peace between Saudi Arabia and Syria.
Finally, France banned Tiktok, a video-sharing application from China, on the work devices of its civil servants. Here’s the full news:
1. The US Minister of Finance Warns Russia and China If the Dollar Shifts in International Trade
United States Secretary of the Treasury Janet Yellen on Thursday, March 23 2023, warned that Russia and China would face substantial difficulties amid the efforts of the two countries to create a currency alternative in international trade, besides the USD currency.
Russia is currently withdrawing from a number of transactions using ‘unfriendly’ currencies following widespread sanctions from the European Union and the United States. Moscow has changed the use of currency for international trade with China and India, from USD into the ruble and yuan
“I would of course like to see the USD remain the world’s reserve currency, but at the same time I see an attempt by Russia and China to try to develop another system to avoid the USD currency,” Yellen said at a hearing with the Representatives Appropriations Subcommittee.
Yellen claims it will be very difficult for Moscow and Beijing to realize their goals.
Russia in 2014 began to de-dollarize its economic sector or to be precise when Western countries imposed sanctions after the Crimean Peninsula chose to secede from Ukraine through a referendum and returned to Russia. The process has accelerated after more than $300 billion of Russia’s foreign currency reserves and other assets were frozen by Western countries last year.
The latest data from the Central Bank of Russia shows that the yuan has become the most widely used currency in Russian foreign trade. Russian ruble-denominated settlement of imports rose from 4 percent in January 2022 to 23 percent. Settlement of exports in yuan also increased from 0.5 percent to 16 percent.
Data from the Moscow Stock Exchange shows that in February 2023, the yuan will take over currency The USD is in a lot of trading on the Russian stock exchange, where this incident happened for the first time.
