US dollar transactions fall below 50% for the first time between China and Russia. China Yuan was 17%, Ruble 7%, Euro 30%. Only 4 years ago, the dollar accounted for 90% of transactions. Russian Lavrov promising more to come.
This shows the stupidity of the system, there was never any need to trade in dollar. The more countries move away from the dollar the better.
Do it, America! Break your reliance on China. It's so easy yet they don't do it. They act like they're being held hostage... by their own greed. The US lies to its own people because they just don't break it off. It's because China offers rare earths at lesser cost than the US has ever paid even for their own domestic production. So this is really about how the US can't spin how they want China to provide rare earths without China having power over them. They want Chinese to risk their lives with the hazardous to their health processes that is required to produce them. In the US they have to pay the high costs of health insurance and equipment to make it safe and added on top US labor wages for health hazardous work. The term they want to avoid and spin not being what they truly want is slavery. They still think they can spin having slaves without it being called what it is. Not so good when Senator Tom Cotton just spun how slavery was a necessary evil because the US itself as champion of human right hundreds of years later where today they're trying figure out how they can convince Chinese to be their slaves sacrificing their lives so the US can get their rare earths for free from China and then profit for only themselves selling it to others. Without China, they're paying costs that are astronomically higher. That's why it's not so easy to break away. And US private industry when they say they want domestic production, they're actually calling for the domestic industry to be subsidized. The high cost will be the same. It won't cost them. It'll cost the American taxpayer. Hence why the conundrum how they can't just break away from China as easily as they say it.