The Start Of De-Dollarization: China’s Move Away From The USD
Recent findings from the Hinrich Foundation indicate that China’s shift away from the USD signifies the commencement of de-dollarization. Furthermore, data reveals that the percentage of settlements conducted in RMB has now exceeded those in USD. Like many other nations, China has settled the majority of its cross-border payments in US dollars (USD) since 2010. […]
India Starts De-Dollarisation With Gulf Exporters To Accept Rupees For Crude
The Reserve Bank of India has requested the nation’s principal state-owned refiners to accept rupees for crude, starting the process of de-dollarization with Gulf exporters. It seems that India is now seeking a similar agreement with Gulf crude exporters, four months after its government rejected efforts from Russian oil corporations to pay for Russia’s crude […]
Iraqi Parliament Calling To Ditch US Dollar For Oil Trade
The Finance Committee of the Iraqi Parliament stated that they are calling to ditch the US dollar for oil trade. To thwart US sanctions on the Iraqi banking system, the Finance Committee of the Iraqi parliament started on January 31st, urging the sale of oil in currencies other than the US dollar. “The US Treasury […]
How Long Will The Dollar Last As The World’s Default Currency?
The BRICS countries have been pursuing a wide range of initiatives to decrease their dependence on the dollar, raising the question of how long the dollar will last as the world’s default currency. Could a new currency be set to challenge the dominance of the dollar? Perhaps, but that may not be the point. In […]
Russian Bank Launches Rupee Accounts For Individuals
Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow’s dependency on the U.S. dollar and euro. Russia’s dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro. “As Sberbank […]
China Begins To Erode US Dollar Dominance In Global Trade Agreements
China has also increasingly promoted the global usage of the yuan and expanded foreign investors’ access to its commodity exchanges in order to erode the dominance of the US dollar in global trade agreements. The US dollar is nowhere close to being dethroned as the dominant reserve currency and standard for global trade. But a […]
Why China And Its Trading Allies Are Well Placed To Topple The Dollar
In 2021, China derived 43% of its GDP from investment, which is twice as much as the US and other Western countries. If China shifts some of its GDP to consumption, it could reduce its trade surplus by encouraging consumers to buy more imported goods. This could potentially position China and its trading allies to […]
If BRICS Uses Own Currency For Trade, It Will End Dollar’s Hegemony – Warns Ex-White House Economist
In an opinion piece published by Foreign Policy, former White House economist Joseph Sullivan said, “If BRICS uses its own currency for trade, it will end the dollar’s hegemony.”
Is It A Good Thing For Ordinary Americans If The US Loses Reserve Currency Status?
Holders of dollars will see their purchasing power plummet, which is not a good thing for ordinary Americans if the US loses reserve currency status, and the fault will lie with the decades of monetary and fiscal mismanagement made possible by the dollar’s status as a global reserve currency. Earlier this month, Larry Kudlow insisted that it […]
Now Zimbabwe To Launch Gold-Backed Digital Currency
The Reserve Bank of Zimbabwe has announced that Zimbabwe will launch a gold-backed digital currency, dumping the US dollar. Zimbabwe has become the latest country to dump dollar and has decided to issue gold-backed digital currency for “investment purposes with a vesting period of 180 days.” The country’s central bank has revealed that these tokens […]