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Mounting Trend of Challenges to USD Hegemony Reported: Saudi Arabia, BRICS; Ron Paul Weighs in on Potential Fall of Dollar as Reserve — Week in Review

[Apr 9, 2023 5:30 AM] The United States dollar has been a hot topic in recent weeks, with multiple reported developments occurring globally which could signal significant moves toward de-dollarization in large economies. Former U.S. congressman Ron Paul also noted this…

Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner

[Apr 8, 2023 11:30 AM] China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September…

Former US President Donald Trump States China Is ‘Trying to Replace the Dollar as Number One Currency’

[Apr 7, 2023 3:30 AM] Former U.S. President Donald Trump has acknowledged the push that China is making to dethrone the dollar as a reserve currency. In a post published on Truth Social, Trump stated that if this comes to happen, it would be the biggest defeat in the…

India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar

[Apr 3, 2023 2:30 AM] The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this…

BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report

[Apr 1, 2023 7:30 PM] The BRICS nations are reportedly working on developing a new form of currency, which is expected to be discussed at the next BRICS leaders’ summit, according to a top Russian official. “The transition to settlements in national…

BRICS Emerges as the World’s Largest GDP Bloc, Propelled by China’s Rapid Expansion

[Mar 31, 2023 10:30 AM] BRICS, a set of countries grouped as an alternative to the G7, is now the world’s largest gross domestic product (GDP) bloc, taking purchasing power parity into account, according to reports from Acorn Macro Consulting. Powered By…

Russia talks up prospects of BRICS countries developing new currency

[Mar 30, 2023 11:50 PM] A top Russian official has reportedly claimed that the BRICS alliance is working on creating its own currency.

Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies

[Mar 22, 2023 4:00 PM] As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam…

BRICS Nations ‘Coalescing Against the Dollar,’ Major Banks Predict More Fed Hikes, Bitcoin Records Large Blocks as Ordinals Gain Currency

[Feb 26, 2023 7:00 AM] In spite of turbulence in traditional global finance, with BRICS nations said to be pushing for de-dollarization and major banks like Bank of America and Goldman Sachs predicting further interest rate hikes from the U.S. Federal Reserve, creativity…

Nouriel ‘Dr. Doom’ Roubini Warns About Demise of US Dollar

[Feb 8, 2023 1:30 AM] Nouriel Roubini, an economist known as “Dr. Doom,” has warned about the demise of the U.S. dollar and the rise of a “bipolar” world. Roubini believes that the Chinese renminbi might be a substitute for the dollar, as new…

Report: Egyptian Lawmakers Hail Parliament’s Endorsement of Pact to Join BRICS Bank

[Feb 3, 2023 3:30 AM] Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will…

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit

[Jan 26, 2023 5:30 PM] Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest…

Latam Common Currency to Focus on Settlements Among Mercosur and BRICS Countries

[Jan 25, 2023 6:30 AM] President of Brazil Luis Inacio Lula Da Silva clarified the scope and reach of the common currency that Brazil and Argentina are studying to issue in Latam. Lula Da Silva clarified that he believed this currency would be used to settle cross-border…

Elon Musk Praises Reports on Latam Common Digital Currency: ‘Probably a Good Idea’

[Jan 25, 2023 1:30 AM] Elon Musk, CEO of Twitter, SpaceX, and Tesla, has given his opinion about the latest reports on the creation of a common currency in Latam, to be initially worked on by Argentina and Brazil. Musk stated that this move would be “probably a…

Casting Stones From a Glass House: Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy

[Jan 24, 2023 4:30 PM] The Chinese embassy in Zambia denounced the United States over its debt limit and the “extraordinary measures” Treasury secretary Janet Yellen has implemented to stave off a U.S. debt default. Yellen said on Monday that it was very…

Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization

[Jan 19, 2023 9:30 AM] After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi…

Sberbank Analyst’s Editorial Delves Into the ‘Tremendous Potential’ of a BRICS Reserve Currency Fueling De-Dollarization

[Jan 7, 2023 1:30 PM] During the last month, Russia’s ruble has dropped 16.48% against the U.S. dollar as energy and commodity prices have slowed over the last few weeks. Russia’s central bank revealed two weeks ago that it is further distancing itself from U.S. dollar…