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Bolivia to use China's yuan in challenge to dollar
By Carlos Valdez and Daniel Politi
Associated Press
Thursday, July 27, 2023
LA PAZ, Bolivia -- Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region.
Between May and July this year Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said today.
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"We're already using the yuan. It's a reality and a good start," Montenegro said during a news conference. "Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods."
These electronic transactions are carried out through the state-owned Banco Unión.
"The amount being used in yuan is still relatively small, but it will increase over time," Montenegro said. ...
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