Source link The Chinese currency now accounts for the largest share of forex trading, the regulator reports The share of the Chinese yuan on Russia’s foreign exchange market hit an all-time high in March, the Bank of Russia (CBR) reported in its financial risk review on Monday. Russia’s shift away from major Western currencies started […]
Source link The move is expected to help reduce inflation, the governor of the southern African nation’s central bank has said Zimbabwe has introduced a new national currency aimed at stabilizing the economy and countering the devaluation of the local dollar in the southern African nation. Harare has also appealed to the United Nations for […]
Source link Prosecutors in Vietnam are accusing Truong My Lan of orchestrating an embezzlement scheme that caused more than $20 billion in damages A property tycoon in Vietnam could face the death penalty in a corruption trial over alleged fraud that is considered the largest in the Southeast Asian nation’s history, according to local media […]
Source link The North African nation has announced plans to use national currencies in trade within BRICS Egypt plans to negotiate a shift away from the US dollar toward national currencies for settling trade with other BRICS states, according to a statement released by the Ministry of Foreign Affairs earlier this week. Using national currencies […]
Source link The trend stems from US attempts to confiscate frozen Russian assets, Ambassador Anatoly Antonov has said US plans to seize Russian assets frozen abroad are forcing other countries to consider ditching the dollar, as the currency’s use as a political tool undermines its credibility, Russia’s ambassador to the US, Anatoly Antonov, has said. […]
Source link Russia is not the only major economy to use the Chinese currency for trade settlements as more and more nations seek alternatives to the greenback When Russia’s foreign exchange reserves were frozen and the country was cut off from the SWIFT messaging system in light of the Ukraine conflict, Moscow turned to other […]
Source link For Beijing, it’s not so much about replacing the greenback within the current system but creating an entirely separate alternative Barely a day goes by without a headline about the Chinese yuan gaining further traction in global trade. As de-dollarization gains steam, the currency of the world’s second largest economy has been thrust […]
Source link Most payments for imports of such goods in 2023 were made using yuan and rupees, according to the outlet Russian importers of electronics have nearly completely abandoned the US dollar and euro in settlements with foreign vendors and distributors, Izvestia reported on Monday, citing an industry source. A manager of one of the […]
Source link Iran and Russia have officially abandoned the US dollar for mutual settlements after the countries finalized an agreement to trade in the ruble and the rial, Iranian news agency IRNA reported this week. The agreement was sealed during a meeting in Russia between the heads of the central banks of the two countries, the […]
Source link The greenback’s share of global reserves plummeted below 60% in the third quarter of 2023, according to the IMF The US dollar’s share of global central bank reserves has continued to decrease, nosediving to 59.2% in the third quarter of 2023, according to the latest data released by the International Monetary Fund (IMF). […]
Source link A fifth of global supplies were sold and purchased in other currencies, according to analysts’ estimates Global consumers and exporters of crude are now managing without dollar-denominated trade deals, the Wall Street Journal reported this week, citing the head of global commodities strategy at JPMorgan Chase, Natasha Kaneva. The report comes a day […]
Source link The US currency is used to undermine the competitive rights of other countries, Russia’s foreign minister says The US dollar is being used as an instrument for regime change and interference in the internal affairs of other countries, and “everyone” is “tired” of the greenback, Russia’s foreign minister, Sergey Lavrov, stated on Thursday. […]
Source link The unprecedented step would push countries to use alternative currencies, Robert Shiller has warned The dollar’s standing as a reserve currency would be jeopardized if the West confiscates frozen Russian assets to aid Ukraine, Nobel Prize-winning economist and Yale University professor Robert Shiller said in an interview with Italian news outlet La Repubblica […]
Source link Many countries are abandoning the greenback since it is used as a political tool, Vyacheslav Volodin has said The US has lost its economic dominance, Russian State Duma Speaker Vyacheslav Volodin wrote on his Telegram channel on Sunday. Attempts to regain it by unleashing “military conflicts, sanctions and trade wars, organizing terrorist attacks […]
Source link Moscow and Beijing have switched to settlements in national currencies, according to the Russian PM Western currencies have almost been completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, according to Russian Prime Minister Mikhail Mishustin. The statement was made during […]