Iraq DROPS Dollar In Trade With China

Diminishing American power. The move away from the dollar (and petrodollar for oil sales) is gaining momentum in the wake of the catastrophic policies of the Biden regime.

Iraq To Drop Dollar In Trade With China

By ZeroHedge, February 23, 2023:

• Iraq’s central bank is set to allow trade with China to be settled in yuan.
• Iraqi imports from China have previously been financed in U.S. dollars.
• Last year, US regulators began enforcing controls on transactions by Iraqi commercial banks which caused a dollar shortage in Iraq.

The Iraqi central bank announced Wednesday that, for the first time, it plans to allow trade from China to be settled directly in yuan instead of the US dollar to improve access to foreign currency.

“It is the first time imports would be financed from China in yuan, as Iraqi imports from China have been financed in (US) dollars only,” the government’s economic adviser, Mudhir Salih, told Reuters.

According to a statement released by the Iraqi central bank, carrying out transactions in the Chinese currency would boost the balances of Iraqi banks with accounts with Chinese banks. However, this option depends on the size of the central bank’s yuan reserves.

A second option to boost local banks’ yuan balances would involve converting US dollars held in the central bank’s accounts with JP Morgan and the Development Bank of Singapore (DBS) to yuan before paying the final beneficiary in China……