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Have you put more thought into how you will resolve this?

Many countries already settle some of their trade using RMB. How would this resolve for such cases?

@Akzzz123 This is for new countries. I believe Saudi Arabia is the first new country and why I created this question. I also think there is talk of the others BRICS also moving this direction. Any previous countries do not count, though I don’t think there are many.

@BTE But Saudis have made trade settlements using Yuan before the market was created.

https://www.imf.org/en/Publications/WP/Issues/2023/03/31/Renminbi-Usage-in-Cross-Border-Payments-Regional-Patterns-and-the-Role-of-Swaps-Lines-and-531684

@Akzzz123 I am not disputing that. That is why I said it inspired this question, so obviously wouldn’t count. Sorry should have been more clear. Xi is pushing all trade partners to do this now. I will dig into what has happened since this was created.

@Akzzz123 my bad for referring to Saudi as a “new” one.

@BTE I also excluded Argentina in the description

@BTE Sure, what I mean to say is that many countries have some level of Yuan-denominated trade with China, so these countries would not count and this market would trivially resolve as NO. But I am sure that wasn't your intention when you asked this question.

@Akzzz123 India started this month. https://www.reuters.com/business/energy/india-refiners-start-yuan-payments-russian-oil-imports-sources-2023-07-03/#:~:text=China%20has%20also%20shifted%20to,said%20an%20Indian%20government%20source.

Exclusive: India refiners start yuan payments for Russian oil imports

Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.

@BTE https://www.reuters.com/business/energy/india-refiners-start-yuan-payments-russian-oil-imports-sources-2023-07-03/#:~:text=China%20has%20also%20shifted%20to,said%20an%20Indian%20government%20source.

Exclusive: India refiners start yuan payments for Russian oil imports

Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.

@Akzzz123 Actually it looks like those are both deals with Russia. Damn this question got complicated quickly.

@BTE And that looks like only for a particular commodity and such one off deals already happen and are usually not reported as seen from the IMF report which tracks Swift payment involving RMB between China and other countries.