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Venezuela's Maduro says will shun U.S. dollar in favor of yuan, others

9/8/2017, 11:25:51 AMBasics of Trading
Venezuela's Maduro says will shun U.S. dollar in favor of yuan, others

Venezuela's President Nicolas Maduro said on Thursday that the cash-strapped country would seek to "free" itself from the U.S. dollar and that the country's weakest official exchange mechanism would next week use a basket of other currencies, including the Chinese yuan.

"Venezuela will implement a new mechanism of international payment and create a basket of currencies," said Maduro, who also increased the country's minimum wage by 40 percent, making it a total of just under $7 per month at the black market exchange rate