A U.S. license allowing transactions with key players in Russia’s financial system expires on Oct. 12. This could make it harder and more expensive for Russian businesses to trade with China in yuan. The yuan is currently the most traded foreign currency in Russia after Western sanctions and Russia’s de-dollarization efforts. Chinese banks are wary…
Former President Richard Nixon’s Treasury Secretary, John Connally once famously said, “The dollar is our currency, but it’s your problem.” The world was made to accept the dollar as the de facto currency and the US imported the tender around the globe. Things are taking a U-turn this decade as emerging economies kick-started the de-dollarization…
BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However,…
The US dollar has become one of the most scrutinized currencies in the world. With elements like de-dollarization and movements propagating the US dollar dumping catching pace, it’s evident how the USD has now attracted diverse inimical foes. With alliances like BRICS and ASEAN pioneering a way to ditch the US dollar by promoting local…
The United States is slowly losing its hold as several countries have united to bring down the dollar. The BRICS bloc, consisting of Brazil, Russia, China, India, and South Africa, has been making strides with regard to de-dollarization. Thanks to China and Russia, over 90% of their bilateral commerce has been de-dollarized. Also Read: Top…
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…
Leading investment bank JP Morgan has shared insights on de-dollarization and the major threat plaguing the US dollar. The US dollar is currently the dominant currency for trade and leads the charts in the forex markets. No country can survive without keeping the USD in its central bank reserves, as it boasts value and strength….
The number of countries wanting to join the BRICS alliance and support the de-dollarization agenda is rapidly growing in 2024. There’s a new country expressing interest in joining the bloc almost every two weeks in the last three months. The development indicates that the bloc’s de-dollarization initiative is lucrative and other countries want to free…
The de-dollarization drive is currently taking over the world. The greenback is now witnessing a surge in its enemies as new foes emerge to derail its value. The US dollar is currently at a precarious threshold, with ASEAN countries expediting efforts to topple it. These countries are working on their own currency system, one that…