Russian President Vladimir Putin has stated that the U.S. dollar-based global financial system is gradually collapsing. “After all, a currency is a derivative of the power of the economy of the country that issues this currency,” Putin noted, emphasizing: “The share of the American economy in world GDP is declining.” In contrast, the Russian president…
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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 to the dollar. US Dollar v Chinese…
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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 of Petroleum and Natural Gas Hardeep Singh Puri stated in an…
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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.” Impact of Fitch’s Rating Downgrade on US Dollar Several economists have offered…
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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. Russia and 10 Southeast Asian Nations Explore National Currency Usage in Trade…
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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 in the international economy,” the official stressed. Iran Will…
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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 an official announcement expected to be made during the forthcoming BRICS leaders’…
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The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of…
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Fitch Solutions’ global head of country risk has named the rising adoption of cryptocurrencies, the de-dollarization efforts by the BRICS countries, and China’s rising “economic might” as key factors that erode the U.S. dollar’s dominance over time. He cautioned that China will “exert more influence in global financial institutions and trade.” Analyst Explains Why U.S.…
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Former Treasury Secretary Lawrence Summers has expressed concerns that a rising number of countries, including China, Russia, and the Middle East, are aligning themselves and gaining global influence. “I think [it] is a huge challenge for the United States,” he cautioned. Larry Summers on Countries Banding Together Against the US Former Treasury Secretary Lawrence Summers…
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