China is actively promoting the use of the yuan in international trade, with strategic initiatives in collaboration with other countries and organizations. Recent economic sanctions on Russia have allowed China to promote the renminbi as an alternative to the dollar in trade. Brazil and China have agreed to trade using the Chinese yuan instead of the US dollar, reducing costs and boosting bilateral trade. Saudi Arabia and Iran are also exploring alternatives to the dollar, with Saudi Arabia considering non-US dollar trading and Iran aiming to minimize the dollar’s role in bilateral trade. India is strengthening the influence of the rupee by using it for trade with various countries. Russia favors the yuan over the dollar in international trade and is exploring a unified currency with BRICS allies. The increasing use of the yuan by energy exporters further strengthens China’s relationship with these countries. However, China’s ambitions to establish the renminbi’s importance in international finance and trade have not been entirely successful.
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