Chain News by Thebittimes.Com

BRICS member China is serious about de-dollarization and is doing everything possible to stop the US dollar’s rise. From forging new trade partnerships in local currencies to convincing developing nations to ditch the US dollar and having an upper hand in trade deals, China is calling the shots on how cross-border transactions must be settled. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. Also Read: 10 New Countries Might Join BRICS in 2024 China is showing BRICS and other developing countries how the de-dollarization agenda must be executed on a global scale. The latest data shows shocking results about how the Chinese yuan has penetrated against the US dollar globally. As of March 2024, 52.9% of all trade in China has been settled in the Chinese yuan and not the US dollar. Only 42.8% of trade in China is settled in the US dollar, which is a drastic low. Also Read: ASEAN: Malaysia Calls For Asian Monetary Fund To Derail U...

BRICS member China is in trouble as the Chinese Yuan is unable to keep pace with the growing US dollar. China’s exporters are bracing currency volatility as the US dollar outperformed the Chinese Yuan making it fall to its December 2023 lows. The development impacts businesses in China leading to losses and low profits to exporters and international currency operators. Also Read: BRICS : China Dumps $74 Billion in US Treasuries A recent report indicates that China’s exporters are shunning the Chinese Yuan and are storing value elsewhere. Exporters in China are only converting back what they need and are mostly staying away from the Chinese Yuan . The development is completely opposite to what BRICS had set to achieve this year by planning to make the Chinese Yuan and other local currencies thrive against the US dollar. Also Read: BRICS Conducts $260 Billion Worth Trade Without the US Dollar BRICS: Exporters in China Are Shunning the ...

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S....