BRICS: No Demand For US Dollar Bonds, Sales Get Worst Start Since 2016
The US dollar bonds are no longer attractive to BRICS countries and broader Asian markets as sales nosedived in January 2024. Countries around the world are shying away from the US dollar as its debt has climbed above $34 trillion. Holding the US dollar in reserves for BRICS and other Asian nations poses an equal threat, as a market downfall creates turmoil in their native economies. Asian countries are carrying the risk of US dollar debt default making the USD bond sales see the worst start this year since 2016. Also Read: 34 Countries Look to Join BRICS Alliance After Saudi Arabia’s Entry The less demand for US dollar bonds indicates that developing countries are fearing the mounting $34 trillion debt. The US debt is spiraling out of control and rising at an alarming rate and countries who keep the USD in reserves are at the receiving end. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Control 47% of...