Bolivia is the latest country in South America to regularly use the Chinese currency in a growing challenge to the hegemony of the U.S. dollar for international financial transactions.
Except, it’s not wrong. If you bothered to actually read the article, you would see why Time chose the title:
Between May and July of 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 on Thursday.
“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.
What they’re saying is that Yuan is already 10% of the trade and they’re planning to continue shifting to using it over dollars.
Except, it’s not wrong. If you bothered to actually read the article, you would see why Time chose the title:
What they’re saying is that Yuan is already 10% of the trade and they’re planning to continue shifting to using it over dollars.