Global confidence in the Chinese yuan is growing, while assurance in the US dollar is declining. Developing countries seek to use local currencies, and China is pushing for trade settlements with the yuan. Countries in Asia, such as the United Arab Emirates (UAE), India, Maldives, Mauritius, and Pakistan, have already settled cross-border transactions in the…
The United States dollar (USD) has been the world’s reserve currency for the longest time. Several governments have previously challenged the dollar. But the United States only grew stronger, forcing a number of nations to jointly roll out a currency to uphold de-dollarization. Amidst this, China has been keeping at it, as the Chinese yuan…
The oil domain is currently experiencing a volatile state of affairs. The petrodollar has long collapsed, with countries vying for a local currency narrative to transact deals in. In the middle of this, the concept of Petroyuan is gaining momentum in the market as Saudi Arabia is interested in transacting oil-related deals in the Yuan….
Chinese exporters have stockpiled a record $500 billion in 2024 after settling trade payments with other countries. The local currency could rally hard if China’s exporters decide to convert the $500 billion stockpile into the Chinese yuan. This puts BRICS member China in the spotlight as it could dictate the direction of the forex markets…
ASEAN is currently emerging as a global trade beacon. The bloc is expanding its trade relations with China, with new data indicating a blooming trade relationship. In the past seven months, nearly $500 billion worth of trade has been conducted between ASEAN and China, a metric that continues to surge higher with each passing day….
The Chinese yuan is surging rapidly in trade settlements elbowing the Euro to become the second most used currency. BRICS member China is advancing in toppling the Euro making the Chinese yuan take the spot below the US dollar. The Xi Jinping administration is aggressive in pushing its native currency on the global stage making…
The implications of the federal rate cut have already started to show their ripple effect. In his recent address, Jerome Powell, the Federal Reserve chair, shared his stance on the latest rate cut expectations, adding how a policy change is already under consideration. Powell’s remark has potentially caused a domino effect on the current US…
BRICS member China is taking full advantage of the US sanctions on Russia by pushing the Chinese yuan for trade settlements. The US Treasury Secretary Janet Yellen openly admitted that the sanctions are only helping local currencies and hurting the dollar. She revealed that it was the sanctions that led the BRICS alliance to consider…
BRICS Founder Russia has unveiled plans to launch state-backed crypto exchanges with the Chinese Yuan and BRICS-pegged stablecoins to bypass US sanctions. The US sanctions have made The country find alternative payment methods to keep its economy afloat. The two cryptocurrency exchanges will operate in two different cities, one in Moscow and the other in…