[Nov 28, 2023 2:30 AM] Steve Hanke, professor of applied economics at Johns Hopkins University, has discussed how U.S. policies have driven central bank gold purchases to record levels this year. In an interview, Hanke stated that these purchases were motivated by the…
[Oct 7, 2023 9:30 PM] 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…
[Sep 28, 2023 1:30 PM] In a recent interview, the European Bank for Reconstruction and Development’s (EBRD) chief economist, Beata Javorcik, highlighted a notable trend: Russia’s growing inclination to transact in the Chinese yuan. This shift, the economist…
[Sep 13, 2023 8:00 PM] Economist Peter Schiff has warned of “a rush” to get out of the U.S. dollar. “There’s going to be a massive crisis,” he predicted, adding that “it’s going to send the economy into a tailspin and people are going…
[Sep 2, 2023 12:00 AM] The share of currencies other than the U.S. dollar and the euro in international reserves is on the rise, according to a Russian representative. The trend is being observed as a growing number of countries try to use their national currencies in…
[Sep 1, 2023 7:00 PM] 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…
[Aug 28, 2023 1:30 AM] Nicolas Maduro, the president of Venezuela, has called to de-dollarize the global economy due to the difficulties the current system brings to emerging countries affected by U.S. sanctions. In a message directed to the BRICS leaders, Maduro called…
[Aug 25, 2023 10:30 PM] The government of Brazil has formally presented a proposal to Argentina to settle bilateral trade transactions in the Chinese yuan. The proposal, which would leverage resources in the Chinese credit swap line, aims to maintain trade between the…
[Aug 25, 2023 8:30 PM] South Africa’s minister of finance has explained why he believes that no country is ready for a common currency, including a unified BRICS currency. “Setting up a common currency presupposes setting up a central bank, and that presupposes losing…
[Aug 23, 2023 1:30 PM] The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies…
[Aug 22, 2023 2:00 AM] Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some…
[Aug 21, 2023 11:45 PM] A BRICS common currency will be challenging to initiate and maintain, though efforts to dethrone the US dollar could have an impact on Bitcoin, says investment strategist Lyn Alden.
[Aug 18, 2023 2:00 AM] The New Development Bank (NDB), established by the BRICS bloc of emerging economies, has issued its first bonds denominated in South African rand (ZAR). The auction, which was closed on Tuesday, is part of the bank’s efforts to increase both…
[Aug 17, 2023 1:30 AM] BRICS plans to discuss trade in national currencies at its summit but de-dollarization is not on the agenda, South Africa’s BRICS Sherpa stated. The talks in Johannesburg next week will also focus on the expansion of the bloc of emerging economies…
[Aug 14, 2023 3:00 AM] The BRICS challenge to the world’s established economic order is not a joke, according to experts in the field of international relations. Now that the bloc, which unites leading emerging markets, accounts for over a quarter of the global gross…
[Aug 11, 2023 11:30 PM] Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article…
[Aug 11, 2023 5:30 PM] The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El…
[Aug 9, 2023 4:00 PM] Russian president Vladimir Putin and South African president Cyril Ramaphosa recently addressed cooperation, trade, and preparations for the upcoming BRICS summit. The two leaders conversed about practical cooperation and the expansion of the…
[Aug 7, 2023 9:30 PM] Brazil’s President Luiz Inacio Lula da Silva has reaffirmed his call to shift away from the U.S. dollar in global trade. He also revealed his stance on the expansion of the BRICS economic bloc ahead of the group’s upcoming summit…
[Aug 4, 2023 10:00 PM] 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…
[Aug 3, 2023 7:30 PM] Russia says that a common BRICS currency is unlikely to be feasible in the near future but the process of de-dollarization of the global economy is inexorably underway. Russian Press Secretary Dmitry Peskov added that many countries, including…
[Jul 28, 2023 12:00 AM] Economy Minister Marcelo Montenegro acknowledged that the Bolivian Central Bank is harnessing the Chinese yuan in its commercial settlements. The switch to using the Chinese currency has to do with the dollar scarcity that the country is facing…
[Jul 27, 2023 11:30 AM] In a recent interview published on July 26, South Africa’s foreign minister Naledi Pandor highlighted the BRICS group of economies’ commitment to peace, asserting that these nations do not aim to “weaponize the oceans.”…
[Jul 22, 2023 7:30 PM] The heavily anticipated BRICS currency is not on the agenda to be discussed at the economic bloc’s upcoming leaders’ summit, according to South Africa’s diplomat in charge of BRICS relations. He clarified that the BRICS members will focus on…
[Jul 15, 2023 10:00 PM] The International Monetary Fund (IMF) has not seen any specific proposal on a common BRICS currency. However, the IMF acknowledges the presence of “slow-moving trends” indicating shifts in the currency composition of reserves and trade…
[Jul 14, 2023 9:30 PM] 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…
[Jul 12, 2023 6:00 PM] The chief economist at S&P Global has predicted that the U.S. dollar “will no longer be the dominant world currency.” Highlighting the diminishing influence of the USD, he pointed out that an increasing number of countries are de-dollarizing…
[Jul 10, 2023 10:00 PM] In a recent report, Goldman Sachs Research details that India is set to outpace Japan, Germany, and the U.S. to become the world’s second-largest economy by 2075. The financial institution’s researchers predict a dramatic expansion in…
[Jul 10, 2023 6:00 PM] 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…
[Jul 10, 2023 8:00 AM] Set to take place in less than two months, the upcoming BRICS Summit in Johannesburg, scheduled for August 22 to 24, has captured global attention. Anticipation is mounting as ministers from the BRICS countries convene to explore potential avenues…
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