China has proposed the use of its currency yuan in place of the US dollar for loans to Bangladesh, citing unstable exchange rates of the greenback. Chinese Ambassador Yao Wen revealed the proposal, which he said had earlier been sent to the government, when a journalist asked for his comment on a fall in the rate of clearing loan tranches this fiscal year after the envoy’s meeting with Planning Minister Abdus Salam on Tuesday. The financial and monetary policy of the US has caused unstable dollar rates worldwide, creating problems for China and other countries in transactions in the American currency, Yao said. China is eager to solve the problem and transactions in the Chinese currency can be the solution, per the ambassador.

Source: bd News24 January 30, 2024 16:05 UTC