The money for the construction of nuclear power plants, these two countries agreed to pay in yuan!

China News Network, April 4 According to Reuters local time on the 17th, Bangladesh and Russia agreed to use RMB to pay for the nuclear power plant project built by Russia in Bangladesh.

RMB infographic. Photo by China News Network reporter Li Jinlei

Bangladesh is reportedly working with Rosatom to build the first of two planned nuclear power plants, worth about $126.5 billion, 90 percent of which is financed by a 28-year loan from Bangladesh to Russia with a 10-year grace period.

According to RIA Novosti, the nuclear power plant under construction is located 160 kilometers from the capital of Bangladesh. The station will consist of two generator sets with a 60-year usable cycle and a possible extension of 20 years. Reuters said the nuclear power plant project would help alleviate Bangladesh's frequent power outages.

Recently, the wave of "de-dollarization" has been surging, and major economies, including developed and emerging market countries, have implemented "de-dollarization" policies by innovating cross-border payment and settlement mechanisms, signing bilateral currency agreements, and promoting the diversification of foreign exchange reserves.

In South Asia, India and Malaysia have agreed to settle trade in Indian rupees. In Latin America, Brazil and Argentina announced preparations for the creation of a common currency belonging to the Latin American region, and will invite other countries in the region to join in order to promote regional trade and reduce dependence on the US dollar. Russia, Iran, Turkey and other countries are also continuing to promote local currency trade settlement.

Faced with this process, Business Insider wrote that "the dollar's hegemony in global trade faces great challenges." The US "International Banker" magazine analyzed that considering that about 1/4 of the world's population is directly affected by US financial sanctions, the momentum of "de-dollarization" around the world may not be so surprising. The Financial Times asserts that a multipolar monetary world may come sooner than imagined.