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Chinese banks have helped clients offload overseas currencies worth $51.8 billion, the highest since 2020. BRICS member China is at the forefront of the US dollar sell-off, as optimism grows towards the Chinese yuan, reported Bloomberg. The lenders have sold a net $51.8 billion of foreign exchange on behalf of their customers in September. That’s the largest amount ever recorded since December 2020. The clients include importers, exporters, and other investors in overseas financial assets. The chart below shows a spike in currency conversion amid robust export growth in September. The move helped offset an outflow from securities investment, as foreign institutions continued to cut onshore bond holdings. BRICS member China and the Chinese yuan are gaining an upper hand against the US dollar amid trade tensions. Also Read: Sergey Lavrov Says West Can’t Be Trusted, Looks to BRICS for Support Source: Bloomberg Chinese Firms Dump US Dollar For Chinese Yuan, Giving BRICS a Boost in the...

Russia has once again clarified its stance, stating that it has no interest in challenging the US dollar in any way. As an active member of the BRICS alliance, Russia has often faced scrutiny for collaborating with other nations to undermine the US dollar and question its global dominance and prestige Also Read: BRICS Has Tarnished the US Dollar’s Brand Value, Admits Strategist The Kremlin Clarifies Why It Has No Plans To Challenge USD Source: Pixabay Per the latest Reuters report, the Kremlin clarified on Tuesday how BRICS, as an alliance, has never targeted third countries or the US dollar. This clarification has come after US President Donald Trump accused the bloc of challenging the US dollar. He stated that the bloc is an attack on the US dollar. The Kremlin’s response came after Trump’s statement, with the nation stating how the alliance has no interest in attacking the USD. The Kremlin rejected President Donald Trump’s claim that BRICS was designed to undermine the U.S. dol...

The writing is on the wall, the world is less inclined to use the US dollar hereafter. While the US dollar’s exorbitant privilege persists, the symbolism from the BRICS alliance throws shade on the greenback. BRICS members India and Russia are paying for oil deals in the rupee, while China and Brazil are settling soybean exchanges in the Chinese yuan. The shift is glaring, and the bloc is willingly pushing local currencies to the forefront, giving the US dollar a miss. The bloc discussed grain exchange policies to boost trade ties in the grains and agricultural sector in September. Local currencies were prominently pushed forward for settlements, putting the US dollar out of the equation. Russia and India held constructive meetings on Friday, signing major agriculture deals benefiting both countries. BRICS members China and Brazil inked trade deals for soybeans, and the transactions will be settled in the Chinese yuan, while India and Russia’s deal will be settled in the rup...

Russian President Vladimir Putin gave a recent update about the country’s increasing trade deals with China. Putin reinforced how Russia and China are using local currencies for cross-border transactions while making the US dollar redundant. Ever since the Russia-Ukraine conflict broke out in 2022, the Chinese yuan and Russian ruble have played a bigger role. The move is making other developing countries seek similar deals where their local currencies are used and not the USD. Also Read: Has China Succeeded in Dumping the US Dollar? “I would stress that while trade figures are denominated in US dollar equivalents, transactions between Russia and China are carried out in rubles and yuan, with the dollar or euro share reduced to a statistical discrepancy,” said Vladimir Putin to Xinhua News. The statement comes after the high-level meeting with President Xi Jinping in China. Even India’s Prime Minister Narendra Modi was part of the talks in a joint effort to thwar...

China is pushing the Chinese yuan to become a BRICS reserve currency, challenging the US dollar in global trade. While Russia and Brazil heavily use the yuan for oil and commodity payments, India and South Africa remain cautious. They prefer a multicurrency system instead of using only the Chinese yuan. The internal divide among member nations is not letting the alliance grow to its full potential. While China has not officially urged BRICS members to make the yuan the reserve currency, the steps the Communist country has taken to embolden the currency raise serious doubts about its agenda. However, during the 2023 and 2024 summits, the Xi Jinping administration suggested using the yuan in trade, cross-border payments, and central bank reserves. Also Read: Minister Drops Major New Hint on BRICS Currency China advocated that member nations reduce reliance on the US dollar and begin trading in local currencies, especially the yuan. It made BRICS members, Russia, Brazil, and other countri...

The Chinese government has always made its intent known to the world when it comes to the US dollar. China wants to lead the world, and to do so, it needs to aggressively deploy methods to internationalize the Chinese Yuan. As the US dollar continues to weaken due to Trump’s fierce tariff policies, the time is ripe for China to strike. Here’s what China may end up doing if the US dollar continues to weaken in the future. Also Read: Goldman Sachs: De-Dollarization Forecast Spurs New Financial Trends The American Currency is on the Verge of Collapse Source: Watcher.Guru Ray Dalio, the seasoned economic expert and head of Bridgewater’s Associates, had recently issued a stark warning for the US economy. Talking about his prediction in detail on X, Dalio shared how the US economy is moving towards a state where a financial heart attack may wreck the US economy. Dalio’s emphasis was on the rising US debt situation and how it may end up diluting the US economy, leading it to ...

At the BRICS Forum Trade in Brazil this week, Nigeria’s House Committee on Foreign Affairs, Wole Oke, called on all global alliances to stand united and join the force to topple the US dollar as the world’s reserve currency. The Foreign Minister also said that BRICS must start trading in local currencies and other alliances will follow suit. He called for the African Union, the ASEAN bloc, MERCOSUR, and all other global alliances to join hands with BRICS and settle trade in local currencies and not the US dollar. The call to uproot the US dollar is growing lately with emerging economies looking to cut ties with the greenback. Also Read: BRICS: 71 Countries Settled Trade Without the US Dollar “BRICS is not a closed club. Let’s work with the African Union, ASEAN, and MERCOSUR to shape a new global trade order that is fair and inclusive,” he said to Punch Newspaper. Oke said that the traditional way of the financial sector must end ushering the world into a new era of finances. The ...