Since Russia's military campaign in Ukraine began on February 24, the US and its Western allies have imposed a slew of sanctions in an attempt to penalize Moscow for its conduct and cripple its economy. But they might have an unexpected ally in Israel's, as it is also playing a major role in weakening the dollar.
Israel's central bank has introduced the Chinese yuan to its reserves, which totaled more than $200 billion last year. This is the first time in a decade that Israel has made alterations to its reserve currencies, which had previously been held in US dollars, euros, and British pounds.
In addition to yuan, the reserve also included Canadian, Australian, and Japanese currency commencing in 2022.
Dr. Alex Coman, an economics expert at Tel Aviv University, said Israel's action is not surprising, particularly considering that Israel is apparently close to establishing a free trade agreement with China by the end of 2022.
According to reports in the Israeli press, ...
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