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Chinese Yuan Not Ready to Topple US Dollar as World Reserve Currency, Says Strategist
2.9.2023
A global macro strategist has explained that the Chinese yuan is unlikely to replace the U.S. dollar as the global reserve currency. She emphasized that the “weaponization” of the USD is one of the top reasons why Russia, China, and other BRICS nations have been seeking an alternative...
Indian Official: De-Dollarization Remains Distant, Rupee Should Become Dominant Currency
27.8.2023
India’s oil and gas minister says de-dollarization is a long way away. The official emphasized his desire to conduct all transactions in rupees, expressing his wish for the Indian currency to become “the lead currency in the world.” Indian Official on De-Dollarization India’s Minister...
US Dollar Dominance in Global Payments Strengthens, SWIFT Data Shows
27.8.2023
The U.S. dollar’s dominance in global payments has strengthened, according to data compiled by global financial messaging service SWIFT. The share of SWIFT FX transactions involving the U.S. dollar rose to a record 46% in July. In addition, the share of the transactions involving the Chinese yuan...
Web3 Experts: Hong Kong Government-Backed Stablecoin Can Become a Global Currency, Challenge Dollar Dominance
26.8.2023
According to Wang Yang and Wen Yizhou, a stablecoin issued by the Hong Kong government has the potential to become an international currency and may challenge the U.S. dollar in certain places. However, in their latest opinion piece, Yang and Yizhou said the envisaged stablecoin will only succeed...
Chinese Yuan Not Serious Threat to US Dollar Hegemony, Says Economist
23.8.2023
An economist has dismissed the Chinese yuan as a significant threat to the U.S. dollar’s dominance. “The Chinese renminbi, which accounts for less than 3% of global reserves, is not a serious threat to dollar hegemony,” he asserted, adding that “many commentators have...
BRICS Expansion Will Speed Up De-Dollarization, Chinese Expert Says
20.8.2023
As more countries join the BRICS economic bloc, there will be a significant increase in settlements using national currencies, leading to an acceleration in the de-dollarization process, a Chinese expert says. “For most developing countries, development is a top priority. That is why the BRICS...
UBS Expects US Dollar Dominance to Persist for ‘Years to Come’
10.8.2023
Swiss investment banking giant UBS expects the U.S. dollar’s reign to live on. “We firmly believe we will be living in a U.S. dollar-centric world for years to come,” the bank’s executive said, adding that there will be some room for competitors. UBS on US Dollar’s Dominance...
Analyst Discusses US-BRICS Power Shift — Warns of Dollar Dominance Ending
9.8.2023
A think tank analyst says the U.S. dollar’s dominance may be coming to an end as countries position themselves for a new international system. “As the reliance on U.S. dollars diminishes, central banks will begin dumping their dollar reserves. This will result in hyperinflation, a spike...
Brazil’s President Reaffirms De-Dollarization Call — Discusses BRICS Expansion
8.8.2023
Brazil’s President Luiz Inacio Lula da Silva has reaffirmed his call to shift away from the U.S. dollar in global trade. He also revealed his stance on the expansion of the BRICS economic bloc ahead of the group’s upcoming summit. “I have said publicly, why does Brazil need...
Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
6.8.2023
The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold...
Economist Expects US Rating Downgrade to Accelerate De-Dollarization Process
5.8.2023
Economists have warned about the adverse impact of Fitch’s U.S. rating downgrade on the dollar. One expects the downgrade to “accelerate” the process of de-dollarization globally. Another stated that it may be “a part of the gradual decline of the U.S. dollar system.”...
Robert Kiyosaki Insists US Dollar Will Die as BRICS Summit Nears, 41 Nations to De-Dollarize the World
28.7.2023
Rich Dad Poor Dad author Robert Kiyosaki has reiterated his warning about the impending demise of the U.S. dollar as the BRICS summit approaches. The famous author anticipates the launch of a new currency by the economic bloc and the de-dollarization efforts of around 41 nations seeking to join...
JPMorgan Warns Dollar Dominance Faces Risks From Political Instability, US-China Tensions
21.7.2023
JPMorgan has warned of the risks to the U.S. dollar’s dominance from escalating U.S.-China tensions and political instability. The global investment bank’s strategists anticipate “partial de-dollarization,” in which the Chinese yuan gradually assumes a more significant role...
Economist Sounds Alarm on US Dollar Losing Reserve Currency Status
19.7.2023
An economist with the Heritage Foundation has warned about the potential calamity of the U.S. dollar losing its reserve currency status. He stressed that “The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their...
Nobel Laureate Paul Krugman Says US Dollar Dominance Won’t Last Forever but Doubts Chinese Yuan Can Replace USD
18.7.2023
Nobel Prize-winning economist Paul Krugman says the U.S. dollar’s dominance “won’t last forever.” While recognizing the global de-dollarization trend, he expressed skepticism about the Chinese yuan’s ability to replace the U.S. dollar as the world’s dominant...
IMF Has Not Seen Specific Proposal on BRICS Currency
16.7.2023
The International Monetary Fund (IMF) has not seen any specific proposal on a common BRICS currency. However, the IMF acknowledges the presence of “slow-moving trends” indicating shifts in the currency composition of reserves and trade. The Fund’s statement followed reports that...
Russia, 10 Southeast Asian Nations Discuss Using National Currencies in Trade Settlements
15.7.2023
Russia is discussing using national currencies in trade settlements with 10 Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), Russian Foreign Minister Sergey Lavrov has revealed. The move comes as more and more countries worldwide are seeking to de-dollarize....
Economist Predicts End of US Dollar Dominance as More Countries De-Dollarize
13.7.2023
The chief economist at S&P Global has predicted that the U.S. dollar “will no longer be the dominant world currency.” Highlighting the diminishing influence of the USD, he pointed out that an increasing number of countries are de-dollarizing, noting that the Chinese yuan is growing...
Iran Looking to Replace Dollar With Dinar in $10 Billion Trade With Iraq
10.7.2023
Iran’s government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail the dominance of the U.S. dollar. The annual turnover between the two neighboring nations exceeds $10 billion with millions of pilgrims and health tourists crossing the border each year....
BRICS Gold-Backed Currency Will Benefit Iran, Weaken US Dollar, Iranian Official Says
10.7.2023
An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place...