BRICS member China’s local currency, the Chinese yuan, has fallen into unchartered waters after Trump’s election victory early this month. The Chinese yuan has fallen to its 14-month low after Trump reclaimed the White House by defeating his Democratic rival Kamala Harris. Local currencies are now under pressure as the DXY index, which tracks the…
A billionaire businessman from Israel, Idan Ofer has inked a major deal with the Chinese shipbuilding firm Jiangnan Shipyard. The Eastern Pacific Shipping, a firm owned by Ofer. which is headquartered in Singapore made a landmark agreement with China’s Jiangnan Shipyard for six ultra-large ethane carriers. Eastern Pacific Shipping has ordered 150,000 cubic meter (CMB)…
The US dollar is aptly referred to as the King Dollar. With the kingly status in line, the US dollar continues to attract a healthy balance of criticism and praise, only to emerge stronger than before. Despite Yuan’s continuous efforts to derail the US dollar, the American currency has remained unbothered and continues to draw…
The US dollar took the top spot of the currency markets this week, outperforming the Euro and Chinese yuan. The DXY index, which tracks the USD’s performance, shows the currency touching 103.10 on Tuesday’s opening bell. The USD is now at a 10-week high as traders bet on a moderate interest rate cut by the…
China is leaving no stone unturned to internationalize the Chinese Yuan by challenging the US dollar’s prestige. The Chinese administration is currently conducting trials to inject digital Yuan into cross-border transactions with Saudi Arabia, introducing another dimension of the multipolar financial concept to the world. Also Read: This US Stock Is Up For Massive Surge…
The Chinese yuan is the rising star of the world financial market, emerging as a competent contender to the US dollar. The inflating US debt metrics and its constant weaponization have paved the way for the regional currencies to surge high on the radar, with the Chinese Yuan taking the front lead. But will it…
On Wednesday, the Chinese yuan hit its highest level in 16 months against the US dollar. The development follows Beijing’s unveiling of a host of stimulus measures on Tuesday to boost the nation’s slowing economy. The Governor of the People’s Bank of China also announced that the central bank will cut the amount of cash…
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…