Between May and July 2023, Bolivia completed financial operations for a total of 278 million Chinese yuan, which represents 10% of its foreign trade.
Bolivia registered financial operations for a total of 278 million Chinese yuan, which represents 10% of its foreign trade. In this way, the adoption of the Chinese currency grows in view of the decrease in dollar reserves that has had an impact on the national economy since February.
Bolivia also uses the yuan in foreign trade operations, as do Brazil and Argentina.
The Minister of Economy and Public Finance, Marcelo Montenegroassured: “We are already using the yuan, it is a reality and a good start. Exporters of bananas, zinc and wood products are trading in yuan, as well as importers of vehicles and capital goods.”
“These are electronic transactions through Banco Unión (state); it is not that physical yuan will arrive”he added.
Bolivian President Luis Arce had expressed his intention to increase transactions in yuan instead of dollars, in the midst of a challenging international economic context.
For his part, Marcelo Olguín, manager of the Bolivian Chamber of Exporters (CANEB), explained that many exporters opted for the euro and the yuan for their operations in the face of a shortage of dollars. “It is one more alternative to operate,” he defended.
In addition, Montenegro specified that the use of yuan will increase over time due to the fact that “China is one of the largest economies in the world and is the most important partner in the exploitation of lithium”he reiterated.
Source: Ambito
