China’s yuan expands its growing foothold in South America as Bolivia reduces reliance on US dollar

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Dollar vs. Yuan ByoungJoo/Getty Images China's yuan is expanding its foothold in South America as Bolivia reduces its reliance on the dollar. The country's yuan transactions from May to July accounted for about 10% of its foreign trade in that span. Bolivia has been hit by dollar shortages recently as lower natural gas production hit exports. Bolivia is reducing its reliance on the US dollar and turning to the yuan, marking the latest sign that China's currency is expanding its growing foothold in South America. The country made financial transactions totaling 278 million Chinese yuan ($39 million) from May through...