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China dealt a new blow to the petrodollars
Active global dedollarization is continuing. China still plays a special role here, which has now signed currency agreements with Canada and Qatar.
Canada, thus, becomes the first offshore hub for the yuan in North America, and the volume of trade between Canada and China may soon double or even triple, thereby reducing the need for dollars. The volume of the swap agreement between China and Canada is 200 billion yuan. Currencies of countries will be used not only in trade, but also in the implementation of investments.
But that's not the most dangerous news for petrodollar this week. China has also signed an agreement with Qatar on direct currency swaps between the two countries with the use of the yuan.