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South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High
29.5.2023
The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some...
Belarus Seeks to Deepen Ties With BRICS, SCO, ASEAN — Pushes for Economic Union With Zero Restrictions
29.5.2023
Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains...
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...
Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’
28.5.2023
Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of...
Rich Dad Poor Dad Author Robert Kiyosaki Says America Is Bankrupt Amid US Debt Crisis
28.5.2023
Rich Dad Poor Dad author Robert Kiyosaki says America is bankrupt as lawmakers engage in lengthy negotiations over the debt ceiling. “Unfunded liabilities as Social Security are over $250 trillion,” he said as the U.S. faces a potential debt default. Robert Kiyosaki on U.S. Debt Crisis The author...
Treasury Secretary Yellen Revises Debt Default Date: US Government Could Exhaust Funds by June 5
28.5.2023
U.S. Treasury Secretary Janet Yellen has updated her projection regarding the date the U.S. government could default on its debt obligations. She warned that the Treasury “will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit...
China’s Credit Agency Downgrades US Credit Rating Over Debt-Ceiling Standoff and Looming Default
27.5.2023
China’s oldest credit rating agency, Chengxin International Credit Rating (CCXI), made headlines this week by downgrading the United States’ credit rating. The agency lowered the rating from AAAg to AAg+ and attributed this decision to the escalating political discord, rising inflation...
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...
Xi Jinping and Putin Discuss BRICS Cooperation With Brazil’s President
27.5.2023
Chinese President Xi Jinping and Russian President Vladimir Putin engaged in phone conversations with Brazilian President Luiz Inácio Lula da Silva regarding their joint work within the BRICS group ahead of the economic bloc’s leaders’ summit. Lula has been a vocal advocate of ditching...
Moody’s on De-Dollarization: Rating Agency Labels US Debt Default a ‘Near-Term Danger to the Dollar’s Position’
27.5.2023
As calls for the creation of a global alternative to the greenback grow, credit rating agency Moody’s said on May 25 that rival currencies such as the euro and the Chinese yuan do not yet threaten the U.S. dollar’s position as the world’s reserve currency. The agency said...
Market Outlook: CME Fedwatch Tool Points to Increased Chance of June Rate Hike
26.5.2023
According to the CME Group Fedwatch tool on Thursday, there was a 51% probability of a quarter-point rate increase during the upcoming Federal Open Market Committee (FOMC) meeting on June 14. Just a fortnight ago, the Fedwatch tool indicated a slim possibility of the federal funds rate reaching...
Putin Believes Decentralization Will Help Global Economy Be More Resilient
26.5.2023
Russian President Vladimir Putin has stated that the decentralization of the finance system might benefit the global economy, allowing it to be more resilient in the long run. At the second Eurasian Economic Forum, Putin explained that building this decentralized system would allow for...
Russian Think Tank Profiles BRICS Bank as IMF Counterpart to De-Dollarize Credit Markets
26.5.2023
The Roscongress Foundation, a Russian think tank, has profiled the New Development Bank, known as the BRICS bank, as an alternative to the International Monetary Fund (IMF) in its latest “Decolonization in Energy Markets” report. Nation members could secure loans based on their...
Putin Rejects Russian Economic Collapse Predictions — Highlights Active BRICS, SCO Cooperation
26.5.2023
Russian President Vladimir Putin says Russia is actively cooperating with major international organizations, including the BRICS group, the Shanghai Cooperation Organization (SCO), the Association of Southeast Asian Nations (ASEAN), the Gulf Cooperation Council (GCC), and multilateral organizations...
IMF Foresees No ‘Rapid Shift’ in US Dollar Reserves Despite Rising De-Dollarization Trend
26.5.2023
The International Monetary Fund (IMF) does not expect a “rapid shift” in the U.S. dollar reserves despite a rising de-dollarization trend and a looming U.S. debt default. “Don’t kiss your dollars goodbye just yet,” said IMF Managing Director Kristalina Georgieva. The IMF chief does not expect...
9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran
25.5.2023
Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka...
Chinese President Xi Jinping Says China Ready to Strengthen Cooperation With Russia
25.5.2023
Chinese President Xi Jinping has stated that China is ready to strengthen cooperation with Russia. The two nations reportedly want to “develop and establish a bigger regional market” while ensuring “a more stable and robust global supply chain” in order to “bring real...
Elon Musk Discusses Creating AI Giant to Challenge Google, Microsoft — Suggests Twitter and Tesla Could Play a Role
25.5.2023
Tesla CEO Elon Musk says “there should be a significant third horse” in the artificial intelligence (AI) race besides Microsoft and Google. The billionaire suggested that his companies Tesla and Twitter could partner with an AI firm similar to how Microsoft collaborates with Openai. Elon Musk...
Fed Survey: US Household Financial Well-Being ‘Declined Markedly’ in 2022
24.5.2023
A survey by the U.S. Federal Reserve shows that American household financial well-being “declined markedly” in 2022. The share of adults who said they were worse off financially than a year earlier rose to “the highest level since the question was first asked in 2014,”...
China, Russia Urged to Speed Up Creation of ‘Cutting Edge’ Payment Infrastructure for BRICS and SCO Currencies
24.5.2023
The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS nations. “Our relations with China keep getting...