Chinese President Xi Jinping’s trip to Russia to meet his counterpart Vladimir Putin in March resulted in discussions on various levels. Among the major international issues that were discussed was the future of the dollar’s domination in the global market. In this regard, the Russian President expressed his support for “the use of the Chinese yuan for payments between Russia and countries in Asia, Africa and Latin America.”
Will a possible rise in power of the yuan influence the stabilization phase of the Mauritian rupee?
International Economics’ CEO, Paul Baker was interviewed in Defimedia and pointed out the perfect timing of this initiative due to the financial sanctions imposed on Russia preventing it from trading in US dollars. As for Mauritius, he suggests the impact will be very small at this stage. Find the full article here.