Argentina has made a $2.7 billion payment on its debt to the International Monetary Fund in June, with $1 billion coming from its stockpile of Chinese yuan and the rest consisting of IMF special-drawing rights. This unprecedented step underscores the dire situation of the Argentine economy and the increasing relevance of the yuan as an international currency.
Argentina\u2019s as well as India’s use of Chinese currency for Russian oil demonstrates the de-dollarization of the global economy, indicating a growing reluctance to trust the US financial system. The Federal Reserve must devalue its currency to make dollar-denominated assets less attractive due to inflation.
Argentina faces a dilemma between the dollar system and a new alternative, highlighting an IMF policy failure. The IMF’s austerity, privatization, and foreign capitalization policies subordinate weaker economies to powerful players, putting Argentina on the cusp of a new alternative.
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Argentina has made a $2.7 billion payment on its debt to the International Monetary Fund in June, with $1 billion coming from its stockpile of Chinese yuan and the rest consisting of IMF special-drawing rights. This unprecedented step underscores the dire situation of the Argentine economy and the increasing relevance of the yuan as an …<\/p>\n","protected":false},"author":13,"featured_media":32215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[10417,6946,7153,9007,7097],"class_list":["post-86885","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-argentina","tag-imf","tag-india","tag-russian-oil","tag-yuan"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86885"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86885\/revisions"}],"predecessor-version":[{"id":86894,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86885\/revisions\/86894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32215"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}