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Iraq Adopts the Chinese Yuan instead of U.S. Dollars!!!

Iraq Moves Away From US Dollar to Trade with China in Yuan

  • Iraq has recently announced their intention to trade with China in their own currency, the Chinese Yuan, instead of the US dollar
  • This decision has been made in order to improve access to foreign currency and follows other countries who have begun to move away from the US dollar
  • The Iraqi Central Bank is attempting to boost local banks by converting US Dollar reserves held in accounts with JP Morgan and the Development Bank of Singapore into Yuan
  • This comes at a time when Washington is enforcing stricter control on international transactions by Iraqi commercial Banks and when Iraq’s oil production accounts for 90% of its income.

Iraq Joins Global Movement Away From US Dollar Amid Trade Tensions

  • Iraq is shifting away from relying on the US dollar as a universal financial tool
  • China, India, Turkey, Iran, Russia, Saudi Arabia and now Iraq are all moving away from the US Dollar
  • This is due to economic sanctions and trade conflicts triggered by Washington
  • Iraq has chosen to join these other countries in moving away from the US dollar before it is too late
  • Global tension caused by economic sanctions and trade conflicts have forced targeted countries to find alternative payment systems.

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hello everybody and welcome togeopolitical Trends my name is DavidGuadalupe so good to be with you asalwaysjust imaginefor a secondthe United Statesits troops back to Iraqand the immediate question becomes whyso the answer might shock youhere is why the United States and theWest did not see this comingIraq dumps the US dollar and starttrading in the Chinese Yuanin this video I am going to provide youinsights about this topic given theongoing changes on the global economicand geopolitical Landscape but beforeI'll do all this I'd like to extend mythings as always to the channelsupporters and members and for you ifthis is your first time landing on thischannel please make sure to subscribeand smash that notification button soyou will be notified every time I uploada new video and to all of you I saythank you so much let's dive in intothis um so the Iraqi Central Bankjust announced recently that for thefirst time it plans to allow trade fromChina to be settled directly in theChinese currency Yuan instead of the USdollaryeah Whoever thought this right you knowand the reason for that is they saidaccording to their statements is that toimprove access to foreign currencyyou'll see what's comingunlike I'm not surprised you know mostcountries are moving into that directionso the Iraqi government economic advisorhis name is Matthew Saleh said and Iquote let me get the quote here you knowhe said like well it is the first timeImports will be financed from China inYuan as Iraqi imports from China havebeen financed in U.S dollar only end ofquotewell looking at this if you take a stepback there are two angles to this andI'm gonna provide you my insights youknow the two angles are one is financialand the other one is geopolitical justbecause of this decision but I'm gonnafocus in this video on just thefinancial aspects of it so so here's thetank according to the statementsreleased by the Iraqi Central Bankcarrying out this action thesetransactions in the Chinese currencywill boost the balances of the Iraqibanks with accountsthat are tied to Chinese BankshoweverI do see a challenge on this this optiondepends on the size of the Iraqi Centralbank's U1 reserves so basically theyhave to build the reserves to ensurethat all the bilateral transactions willbe conducted in the Chinese uh currencyso my take on this is as follows the wayI see it and and again this is mypersonal perspective and just thinkingof the big pictureIraq wants to move forward with theestablishments of this bilateral tradewith Chinesethere is with the Chinese in theirChinese currency because the globaleconomy is Shifting away from the USdollaryou know that's onesecond aspect to this is that Iraq seesalso what its neighbor Iran just didwith Russia what am I referring to hereI'm referring to when Russia and Iranhave begun to take small but potentiallysignificant steps towards sort of movingor removing the US dollar from theirbilateral trade with the launch of asettlement system using their owncurrenciesyeah this is what Iran Iraq is watchingits neighbor Iran is the one with withthe Russiaso you you think about it in the case ofIran and Russia so Iran currencyexchange has listed the ruble and RiaRuble the currency for Russia real thecurrency for Iran trading pair as amatter of fact this started back in theconversation in July 22 and this camefollowing the visit by none other thanhe is the Iranian Central Bank governorwho went to Moscow and set this inmotionyeah that is the reason why Iraq madethe quick decision within just few daysthey're gonna dump the US dollar andEmbark or using the Chinese pardon methe Chinese Yuan currency so uh if youlike this video so far please make sureto hit the like button and don't forgetto subscribe if you have not done so andthank you for your support soon sohere's the tank for Iraq's second optionis to boost its local banksnot with the Iraqi currency but ratherYuan because they want to increase thereserves and this will involveconverting US Dollars held in centralbank accounts for example with JP Morganand the Development Bank of Singaporeall the reserves held there in the USdollar the Iraqi central governmentwants it to be converted to the Yuanbefore paying for the financialFinancial beneficiary in China in thebilateral tradeand now you see why I said will theUnited States be sending troops back toIraq souh here's the it's not a laughing matterbut I just I can just see how Washingtonwill be thinkingso the Iraqi Central Bank has been on aMad Dash to compensate for a dollarshortage yeah it was a shortage in alocal market and this crisis basicallyprompted the cabinet to approve currencyre-evaluation earlier this monththis just happenedthat's how fascinating it is and this iswhy I like to come on the air right awayand share this with you because you arenot going to hear this anywhere else solike I said last time my objective is toget the content to you I care less forother you know whether the production isdone right and all that no no no I wantyou to get the information ASAP so youcan think and see what what lies aheadso here's the thing last year the UnitedStates Treasury secretary and theFederal Reserve Bank of New York theybegan enforcing a harsher control onInternational transactions by the Iraqicommercial Banks you know forcing themto comply with specific Swift Globaltransfer system criteriato access their foreign ReservesIraq made the decision and dumped thedollar altogetherand this also comes on a on the hill ofon the heels of another issuewell since the war in Ukraine startedyou know several Nations around in theglobal South mainly have begun to moveaway from the US dollar in theirbilateral trade with Chinamany others have choose to boost theirChinese Yuan Reserves at a time when thehegemony of the United States continuesto weakenit's a fact it's a reality we all see iton the ground soso but to keep this within the contextof what's going on in Iraq you need toremember one thingIraq is one of the top oil producersalso and a member of the OPECorganization of course so oilenergy plays a major role because forIraq oil production accounts for some 90percent of Baghdad of Iraq's incomebasicallyand the countryis the second largest producer withinthe organization of the petroleumexploring countries known as OPEC yeahit's no small matter so you can just seewhere things are headed so the Iraqi oilMinister his name is hayan Abdel ghanisaid in a statements and I quote thetotal the total Reserve from the exportsof crude oil for the year of 2022amounts to more than 115 billion dollarsend of quoteso you can just see the problem for theUS dollar once the transaction in energywill be conducted in some other currencybeside the US dollar once again this iswhy I started with that scenario at thebeginning just imagine the US sendingtroops back to Iraqbecause I do see the possibility of thatso here's the tank my brief analysis foryou Iraq is seeing where the world isheaded and does not want to be leftbehind look no further at countries thatare moving from moving away from the USdollar China India turkey Iran RussiaSaudi Arabia and now Iraqit's very interesting is isn't it so sohere's my conclusion for you because Ialways like to keep this concise shortto the pointthe past year2022 was full of events that inevitablysplit the world or the globalgeopolitical space into two camps mainlyyou know those who still support the uhthe U.S currency or the US dollar asuniversal as universal Financial tooland those who are turning their back onthe US dollaryeah that's basically what it is as oftoday that's why Iraq did this so theglobal tension caused by the economicsanctions and trade conflicts triggeredby Washington you know have forced nowtargeted countries to take a fresh lookat Alternatives our alternative PaymentSystems currently dominated by the USdollarand Iraq is saying to itself we betterget on on this train before it's toolateI hope you'll find this informative andas always remembergeopolitics impact your daily life inmore ways than one till next time guysbye