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Central Banks Reduce US Dollar Holdings, Plan to Increase Chinese Yuan Exposure, Study Shows
11.7.2023
A study by a $1.5 trillion asset management firm has revealed that central banks are reducing their U.S. dollar holdings while seeking to increase Chinese yuan holdings. “Central banks are diversifying currency holdings, stirred by geopolitical uncertainties and attractive opportunities...
BRICS Bank Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention
9.7.2023
The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to introduce a gold-backed common currency, with...
Latam Insights — Argentina Settles IMF Payment in Yuan; Brazilian CBDC to Be Launched in 2024
3.7.2023
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina settles part of its $44 billion debt with the International Monetary Fund (IMF) using the Chinese yuan, Central Bank of Brazil officials estimate...
Argentina Allows Banks to Open Yuan Accounts — Economist Says It Could Boost Chinese Currency as Safe Haven Alternative to US Dollar
2.7.2023
The central bank of Argentina has officially included the Chinese yuan as a recognized currency for making deposits in bank accounts. “Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or less a ‘safe haven’ currency, instead of exchanging...
IMF Director: Iranians, Brazilians, Saudis Switching to Trade in Chinese Yuan as De-Dollarization Gains Momentum
28.6.2023
The International Monetary Fund’s (IMF) executive director for Russia says a growing number of countries are switching to trade in Chinese yuan, not only with China but also with third countries. He stressed that it is wrong for the U.S. dollar to be widely used globally given that the U.S....
Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imports in Chinese Currency, Report
27.6.2023
Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos Aires explained. Chinese Yuan Usage Hits Record...
Argentina Settled Almost 20% of Its Imports in April and May Using the Chinese Yuan
20.6.2023
The government of Argentina has noted that 19% of all imports authorized in the national system were settled using the Chinese yuan in April and May. $2.72 billion in Chinese yuan were approved to complete these payments, taking advantage of the Chinese swap line to preserve the dollar reserves...
JPMorgan Expects Dollar Dominance to Persist Even if China Overtakes US as World’s Largest Economy
19.6.2023
JPMorgan’s strategists have explained that even if China overtakes the U.S. as the world’s largest economy around 2030, the U.S. dollar may remain the world’s dominant currency for the rest of the 21st century. The global investment bank cited the historical experience of when...
Economist Discusses Viability of BRICS Currency — Says Pegging to Chinese Yuan Would Be ‘First Major Step’
15.6.2023
An economist, who previously worked at the Bank for International Settlements (BIS), has provided insights on the possibility of a BRICS currency coexisting with the U.S. dollar. Noting that China is a major trading partner of all BRICS nations, he suggested: “Pegging to the renminbi...
Latam Insights — Volcano Energy Bitcoin Mining Project Rises in El Salvador, Venezuelan Miners Leaving Amidst Crypto Corruption Probe
12.6.2023
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Volcano Energy rises in El Salvador, Venezuelan bitcoin miners flee amidst nationwide mining ban, and Argentina deepens usage of the Chinese yuan to...
Russian Banker Predicts End of Dollar Dominance as Global Power Shifts
11.6.2023
Russia’s second-largest bank’s chairman has predicted the end of U.S. dollar dominance. He believes that the Chinese yuan will replace the U.S. dollar as the dominant currency. “I think that the time has come when China will gradually remove currency restrictions,” he noted, adding that...
‘De-Dollarization Emerging’ but Greenback Will Retain Its Dominance — JP Morgan Strategists
8.6.2023
Two JP Morgan strategists have said the U.S. dollar will retain its dominant position even as it is being challenged by alternative currencies such as the Chinese yuan. According to a report, the yuan currently accounts for just 7% of global foreign exchange trade volumes while the greenback...
Russian Finance Minister Talks Dollar Attack on Russia, Importance of Developing Alternatives for Settlements
7.6.2023
Russian Finance Minister Anton Siluanov has given his opinion on the perceived attack the Russian economy has been receiving from the U.S. dollar, and how the country has moved to keep trade going. Siluanov also remarked on the importance of developing settlements in national currencies. Russian...
Chinese Yuan, Euro, Digital Currencies Challenge US Dollar Dominance, TD Economist Says
7.6.2023
A senior economist at financial services firm TD says the Chinese yuan, the euro, and digital currencies could erode the U.S. dollar’s dominance. “Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for conducting international trade...
CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review
4.6.2023
Changpeng Zhao, the CEO of Binance, doesn’t think buying a bank would solve the crypto industry’s troubles with traditional financial institutions, amid issues his own exchange currently faces in regions like Australia and Europe. In other news, the chairman of Russia’s...
US Dollar Will Lose Dominant Status, China and India Could Play Key Role in Currency Shift, Says Economist Lord O’Neill
3.6.2023
Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, has explained that the U.S. dollar will lose its dominant status. He expects the Chinese yuan and possibly the Indian rupee to become “much more important currencies for the world.” Lord Jim O’Neill on...
Crypto Traders Need to Pay Attention to Chinese Yuan
31.5.2023
The Chinese yuan has declined by 2.7% against the U.S. dollar this month, while bitcoin has dropped by 7.3%
Latam Insights — Venezuelan Gold Battle Continues, Argentina Seeks Yuan Funding Extension
29.5.2023
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables...
Chinese Yuan to Replace US Dollar as World’s Reserve Currency, Says Russian Banker
29.5.2023
Russia’s second-largest bank’s chairman says there is every reason to expect the Chinese yuan to replace the U.S. dollar as the world’s main reserve currency. He highlighted that the central bank of Russia has already begun investing its reserves in yuan, and over 70% of the trade turnover...
Argentina to Expand De-Dollarization Efforts; Seeks Extension of Yuan Based Swap Line With China
27.5.2023
The government of Argentina is reportedly seeking to expand its de-dollarization agreement with China due to the lack of dollars that the country is facing. According to reports, Economy Minister Sergio Massa would be in talks to expand the current swap line to double the available amount from...