Alright folks, here’s a little something to make you laugh. So back in 2015, the Chinese decided to create the Order Interbank Payment System (CIPS) to take down the almighty dollar in international trade. And guess what? It’s starting to work!
Now, the Russian contractor in charge of building the Rooppur nuclear power plant, Rosatom State Atomic Energy Corporation, has confirmed that they’re planning to use the yuan for loan repayment. But, shh, don’t tell anybody, it’s a sensitive subject apparently.
According to the Chinese news outlet Sina, a Bangladeshi official has said that paying for the power plant in yuan is the most feasible option. They’re trying to avoid that greenback, which gives the U.S. a bit too much power when it comes to sanctioning and freezing assets of rival governments.
Lots of countries have started to signal that they prefer to use the yuan for payment to avoid the dollar. Brazil jumped on the bandwagon in March, and the Chinese officials and state media absolutely loved it.
President Xi Jinping is even trying to get the Persian Gulf countries, including Saudi Arabia, to accept yuan for oil. That’s huge, considering oil has been priced almost exclusively in dollars for decades.
If Russia and Bangladesh start trading in yuan, it could pave the way for a lot of good things. The lack of payment mechanisms has seriously impacted their trade relations, which have been declining since Russia invaded Ukraine.
The idea of Chinese payment solutions came up last year when China offered a currency swap to Bangladesh, which led to a set of Bangladeshi banks settling deals with China using yuan.
The spokesman of the central bank of Bangladesh, Mezbaul Haque, refused to confirm or deny the use of yuan, but he did mention that it’s one of their official currencies and they have some in their foreign exchange reserves.
The executive director of the Policy Research Institute in Bangladesh, Ahsan Mansur, says that the nuclear power plant can’t be delayed. Even if they have to avoid the dollar, they need to proceed with the project for the greater good. They need to maintain relations with both China and the U.S.
Well, that’s all folks. Keep laughing, keep loving, and keep trading.
Reported by Majumder in Dhaka, Bangladesh. Gerry Shih in Udupi, India and Meaghan Tobin in Taipei contributed to this report.

Serious News: washingtonpost