A one hundred yuan banknote next to 10 rubble coins. Photo: Aleksandr Demyanchuk/Sputnik.
Bolivian Minister of Economy Marcelo Montenegro confirmed that Bolivia’s Banco Unión and the Industrial and Commercial Bank of China (ICBC) are finalizing an agreement to carry out transactions using the yuan.
At a press conference on Tuesday, January 2, Minister Montenegro stated, “Concerning operations with the yuan, the Industrial and Commercial Bank of China (ICBC), the largest bank in China, is already in the final phase to establish an agreement with the Banco Unión so that these banks can work together.”
La Paz and Beijing are open to transactions in the Chinese currency as an alternative currency to the dollar. Beijing is one of the main creditors of the Bolivian government for public infrastructure works.
According to data from the Bolivian government, in 2022, Bolivia exported goods to China for over $800 million and imported more than $2.5 billion.
(Sputnik)
Translation: Orinoco Tribune
OT/JRE/SF
