It is common knowledge that most of the world’s trading is done in the US dollar. The United States has dominated the world for decades with their strong and stable currency. However, things might take a turn soon with decentralisation and China wanting to assert its strong position in the world.
According to China Daily, China and Brazil have come to an agreement to use their own currencies for trading instead of relying on the US dollar as a mediator. This is in line with the growing global trend of using the Chinese renminbi.
Moreover, the Brazilian government confirmed that the deal will allow the two nations to directly exchange renminbi for reais and vice versa, eliminating the need for the dollar for their extensive trade and financial transactions.
In February, the People’s Bank of China had announced its signing of a memorandum of cooperation with its Brazilian counterpart to set up renminbi clearing arrangements in Brazil. This will encourage the usage of renminbi for cross-border transactions and enhance bilateral trade and investment.
The internet reacts to China and Brazil ditching US dollar
The US Dollar is done for 💀
— ѕнα∂ყ™ 🧸 (@9illeh) March 30, 2023
However, the Daily Loud on Twitter tweets the story garnering over 4 million views. Twitter users are adamant that the US dollar is “done for.” Furthermore, most people are not surprised at the fact that this is happening. Some believe that this is simply propaganda to distract Americans from other issues.
Damm, the US president got buried twice
— IVY (@PRODUKT_IVY) March 30, 2023
Twitter users even resort to making memes about the whole situation. Someone posted a meme that depicts the dollar dead while the cause of its death (Putin, Xi Jinping) is posing next to its grave.
https://twitter.com/vibrantz_xyz/status/1641256009455861761?s=20
In addition, there are recommendations for the average person to invest in Bitcoin. In addition to this, others are saying that America will face serious consequences if this happens. There are suggestions to purchase gold and silver as well. This is due to the dollar potentially depreciating if the world does not rely on it anymore.
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