Key Takeaways:
- Syrian President Bashar al-Assad supports replacing the US Dollar with the Chinese yuan
- Assad made the call during a meeting with Zhai Jun, China’s Special Envoy for the Middle East
- Assad believes BRICS can lead the fight against the global hegemony of the dollar
YEREVAN (CoinChapter.com) —Syria has joined the calls to abandon the US dollar in the latest move towards the de-dollarization of the global economy.
Bashar al-Assad, the country’s president, called on BRICS to lead the efforts to avoid using greenback in international settlements. Moreover, he pushed for adopting the Chinese yuan instead of the USD.
According to local media reports, Assad commented during a meeting with Zhai Jun, China’s Special Envoy for the Middle East.
BRICS, the economic organization comprising Brazil, Russia, India, China, and South Africa, previously announced it is working to form its internal currency for trade. Last month, the bloc’s New Development Bank (NDB) also said it would offer loans in the local currencies of member states.
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Bashar al-Assad Praises China
The Syrian president, who inherited power from his father in 2000, praised Beijing for its mediation efforts that restored ties between Saudi Arabia and Iran. Relations between the two oil-producing giants have been strained for years.
According to the Syrian leader, establishing ties between both countries will bring economic prosperity and stability to the region.
Both Tehran and Riyadh have applied for membership in BRICS. Moreover, in March 2023, Saudi Arabia announced joining the Shanghai Cooperation Organization (SCO).
With BRICS already leading the fight against the dollar, another endorsement from a US adversary will add fresh blows to the Biden Administration.
As Washington’s global engagement declines, so does the prominence of the US Dollar.
According to Ambassador Mark Green, President of the Woodrow Wilson International Center for Scholars, China dominates global trade. It is currently the largest trading partner in over 120 countries.
“A number of nations are looking for stronger trade opportunities. While US policymakers seem to be hesitating on pursuing those opportunities, China is making progress in building new partners and agreements…it’s clear that the days of America’s trade dominance have passed.”
he argued.
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US-led Sanctions destroyed Syria
Since 2011, the United States and the European Union imposed sanctions on Syria following a crackdown by the authorities on anti-government demonstrations. The incident led to a civil war that left millions dead and resulted in a mass migration from the country.
According to the United Nations Office for the Coordination of Humanitarian Affairs, 2 million people live in camps. In addition, as many as 15.3 million people, or nearly 70 percent of the population, require humanitarian assistance.
The sanctions have also deprived Damascus of billions in oil revenues.
Meanwhile, the Chinese envoy assured President Assad of Beijing’s continuous assistance in “its battle against hegemony, terrorism, and external interference.”
China continues to strengthen ties with Russia and other adversaries of Washington. As a result, the influence of the US Dollar will continue to decline.
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