Spain Denies Plans to Ditch Dollar for Yuan Amid US Trade Tensions
Spanish authorities have denied claims that they plan to replace the US dollar with the Chinese yuan for international trade, despite social media posts suggesting otherwise.
The false claims emerged after a meeting between US President Donald Trump and NATO leaders in Turkey, where Trump described Spain as a 'terrible partner' due to its defence spending and refusal to help the US with the Iran war.
Spanish Prime Minister Pedro Sanchez later downplayed the tension, saying that his country's ties with the US were 'very positive' and that he had an informal chat with Trump about football.
The Spanish Ministry of Economy, Trade and Business denied issuing any directive on currency requirements for international trade, stating that the choice of currency is left to businesses.
According to the Bank of Spain's annual accounts, 73.9% of its international reserve assets are in US dollars, with just 1% in Chinese renminbi.