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IPFS News Link • Currencies

Move over, U.S. dollar. China wants to make the yuan the global currency.


Newsan, one of Argentina's biggest home appliance retailers, imports most of its products from China. Until now, it was paying for fridges, TVs and parts in U.S. dollars, the currency of international trade.

But last month, as part of a bid to relieve pressure on Argentina's dollar-strapped economy, Newsan started doing something new: settling deals in Chinese yuan.

"The yuan is becoming increasingly relevant as currency for international trade," said Luis Galli, chief executive of Newsan. "But beggars don't get to choose. This deal was born out of necessity."

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