Another Country Announces: Pay China in RMB!

Apr 28, 2023 | News

Recently, the process of internationalization of the RMB has started to accelerate significantly. As reported by Reuters and the Argentine newspaper Buenos Aires Herald, Argentina’s Economy Minister Massa held a press conference on the 26th, local time, to start paying for imports from China in RMB instead of US dollar, a measure aimed at easing the country’s dwindling dollar reserves. The Argentine government also indicated in a statement that Argentina aims to pay for about US$1 billion worth of Chinese imports in RMB in April and will pay for about US$790 million worth of imports in RMB each month thereafter. Last November, Argentina expanded its currency swap with China by about US$5 billion to strengthen Argentina’s international reserves.

Although there is still a long way to go in terms of “de-dollarization” and the internationalization of the RMB, it is an indisputable fact that “de-dollarization” will move from a “quantitative change” to a “qualitative change”. In the last news article, we mentioned that Brazil, the largest economy in Latin America, has announced the opening of local currency settlement with China, which shows that in terms of trade settlement, many countries have started to try to reduce their dependence on the US dollar by settling in RMB.

Stephen Jen, founder of the Dollar Smile Theory, and analyst Joana Freire argue that the US dollar is losing its status as a reserve currency and that the need for it as an international settlement currency is disappearing in a wave of “reverse globalization”. They point out that in 2022, global central banks are accelerating the reduction of the US dollar’s holdings relative to other currencies, and that the market share of the US dollar as a reserve currency is beginning to collapse at an average annual rate of 10 times that of the previous years.

Jiayue has exported to over 70 countries since its inception. With more and more countries now starting to join the RMB payment bandwagon, it is certainly smooth and efficient for both imports and exports.

As an export-oriented leader,Jiayue has exported regions and countries including Europe, USA, Southeast Asia, India, Korea, Tanzania, Ghana, Kazakhstan, Chile, etc. In the meantime, every month we export more than 100*40HQ containers steadily all over the world.Jiayue focuses on the production of sanitary products,supply the baby diapers, adult diapers, wet wipes, dry wipes, sanitary napkins, underpad, pet diapers, and related raw materials.Our own brand Yibero is going overseas.We also accept OEM and ODM customization services.

Over the years, JIAYUE has continued to provide one-stop diaper sourcing service solutions for domestic and international customers, and keeps delivering stable and high quality products. JIAYUE understands that quality is the most critical element for product sales growth, so it has been very strict in controlling each batch of shipment and recording the production parameters to control the stability of the products.More details welcome to contact us!