LatinNews Daily - 26 July 2023

In brief: Yuan gains traction in Bolivian financial system

* Bolivia’s economy minister, Marcelo Montenegro, has said that the state-owned bank Banco Unión has begun carrying out transactions in Chinese yuan, in what appears to be a move to diversify the country’s use of foreign currency in response to ongoing shortages of US dollars. Speaking at a press conference, Montenegro was cited by local media as saying that “Banco Unión is already carrying out transactions in yuan with clients”. He also said that efforts are underway for a Chinese bank to begin operations in Bolivia, saying that “obviously, having a Chinese bank or one from nearby in the region would help make our operations much more fluid”. This announcement came after President Luis Arce said in May that Bolivia might switch from US dollars to yuan in its trade with China, saying that “this is going to be the tendency in the region”.

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