Social Media Frenzy Spreads False Claims of Yuan Supplanting Dollar in Global Trade

A recent narrative has been circulating on social media claiming that nearly 30 countries are replacing the US dollar with the Chinese currency, the yuan, for trade with China.

The claims, which have been amplified by accounts posing as media outlets, have been analyzed by Maldita.es and found to be without evidence.

The majority of these countries are in Europe (8), Africa, and Asia (7 on each continent) and the Americas (5). Two transcontinental countries, Russia and Turkey, are also mentioned.

An expert on monetary affairs and geopolitics of money explained that while there may be agreements between central banks to use certain currencies for trade transactions, these are not uniform decisions affecting the entire commercial market of the signatory countries.