(VOVWORLD) - After Brazil and Argentina, Bolivia has become the latest South American country to use the Chinese yuan instead of the US dollar in import and export trade payments.
 (Photo: VCG) |
China is Bolivia's second-largest trading partner and its primary source of imports.
According to Chinese customs data, bilateral trade between China and Bolivia in the first half of this year went up 77.4% from the same period last year.
Argentina announced in April that it will use Chinese yuan to pay for goods imported from China. In February Brazil signed a memorandum of understanding with China to use yuan for transactions clearing in Brazil.
The yuan is a unit of renminbi, the world’s 5th largest settlement currency, 3rd largest trade finance currency, and 5th largest international reserve currency.