Hypothetically it might make sense to pay pesos for Brazilian seed oil and rubles for Russian fossil fuel, as this would ensure no trade deficits exist between countries, but China is so much more productive than the rest of them that it might just default to Yuan. I’m still optimistic about the possibility of trade in national currencies, though.
Hypothetically it might make sense to pay pesos for Brazilian seed oil and rubles for Russian fossil fuel, as this would ensure no trade deficits exist between countries, but China is so much more productive than the rest of them that it might just default to Yuan. I’m still optimistic about the possibility of trade in national currencies, though.