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The ASEAN Secretariat officially announced that the alliance is not abandoning the US dollar for trade. Secretary-General Kao Kim Hourn told AFP that ASEAN is not “giving up dollars” to mitigate risks emerging from Trump’s tariffs. The statement comes after the alliance discussed various de-dollarization plans at the 2023 summit. The bloc pushed local currency settlements for cross-border transactions to avoid using the US dollar for payments. However, ASEAN has now taken a U-turn and confirmed that it will use the US dollar for trade and transactions. While the bloc agreed that they prioritize local currencies, the USD will also be used for trade. Also Read: Dollar Reigns Supreme: 89% of World Transactions in USD ASEAN Will Not Ditch the US Dollar, Confirms Secretariat Source: AFP Standard Chartered’s Global Head of Research and Chief Strategist Eric Robertsen said that ASEAN cannot challenge the US dollar. He explained that the greenback has solid global backi...

The US dollar value is tumbling further as global demand for the USD continues to plunge even more. As the American currency continues to project a wobbly price stance, nations have now started to pivot towards the Chinese Yuan, with China giving loans to nations in efforts to bolster the internationalization of its currency. Also Read: Strong US Dollar Is Dangerous: De-Dollarization Accelerates Worldwide Chinese Yuan as Loans: What’s Happening? Source: Thomas White / Reuters The world seems to have found a new way to protect itself from the US dollar volatility and onslaught. This new method involves the nations requesting Yuan-based loans in an effort to maximize their savings in the process. Kenya has become the latest example of this development, which is currently in talks with China for the same. “The moment we move from the US dollar to the renminbi, automatically, the interest rate reduces by almost half,” while adjusting the tenor of the loan would also benefit the countr...

Yuan backed system developments are actually challenging the US dollar’s dominance right now through China’s strategic energy infrastructure and digital currency initiatives. Beijing is creating an electricity-based Yuan backed system that mirrors the petrodollar framework but uses renewable energy as the underlying asset instead. Also Read: SCO’s Tianjin Summit: 20+ Nations Embrace 80%+ Ruble-Yuan Trade Shift Yuan-backed stablecoins, China de-dollarization, AI, and EVs Reshape Global Finance Source: Watcher.Guru Energy Infrastructure Powers Yuan Backed System Strategy China’s de-dollarization efforts are being accelerated through massive energy projects that create new Yuan backed system dependencies. The Yarlong Tampoo mega dam in Tibet will generate around 300 billion kilowatt hours annually – that’s actually enough to power the entire United Kingdom and not only. Similar Yuan backed system projects are unfolding globally right now. In Laos, a $45 billio...

The US dollar is currently projecting a softening stance as compared to its global peers. President Donald Trump’s US tariffs have weakened the USD stance, promoting a fresh wave of de-dollarization to gain a hold of the market. This new wave is accompanied by a global ditching of the US dollar and assets while exploring alternative currencies as a hedge to secure one’s returns. In this process, certain currencies are winning against the greenback, delivering fresh blows to the American currency. Which currencies are topping the charts at the moment? Let’s find out. Also Read: De-dollarization: SCO Nations Shift 92% of Trade Away from U.S. Dollar US Dollar To Deteriorate Further Source: Watcher Guru The US dollar is expected to project a low price valuation in the future. This decay may happen gradually due to the rising US tariff tensions and uncertainty that Trump’s policies are subduing the dollar’s winning streak. “Tariff worries, recession risk, and U.S. fiscal policy c...

Amid the ongoing BRICS de-dollarization agenda, global leading banks Standard Chartered and Deutsche Bank provided the latest insights on the US dollar’s future prospects. The two banks remain bearish on the greenback due to various macroeconomic factors. The trillion-dollar banks are now questioning the profitability of US-backed financial assets on a global scale. Also Read: BRICS: US Hits India Where It Hurts Them the Most: Remittance Tax The US-backed assets, especially the dollar, which was once the bedrock of all global finances, is slowly drifting away after BRICS kick-started the de-dollarization initiative, and Standard Chartered and Deutsche Bank are taking notice of the drastic changes that occurred in the markets since three years. Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies BRICS: The US Dollar’s Future Is in Danger, Say Standard Chartered & Deutsche Bank Source: Freepik.com Standard Chartered & Deutsche Bank wrote in their latest repor...

De-dollarization has now become a raging phenomenon, the one that vehemently pushes the US dollar to encounter new lows. The phenomenon is now being aggressively considered by a majority of global nations, who are trying their best to put their currency forward or introduce new payment mechanisms to counter dollar supremacy. It seems as if the currency dynamics are also evolving rapidly, with accommodation elements supporting the US dollar’s demise. With Trump’s rampant US tariff policies coupled with the dollar’s increased weaponization, here are the 20 leading reasons why nations are now pushing the dollar to a corner. Also Read: Top Crypto to Buy Now as Ripple Eyes Circle Acquisition 20 Reasons Promoting De-Dollarization 1. Geopolitical Concerns Sparking Anti US Dollar Drives Source: Watcher Guru The leading reason that kick-started the de-dollarization phenomenon would always be the US dollar’s dominance and its ability to sanction other nations. At the same ...

The BRICS alliance is making developing countries trust local currencies more than the US dollar. The initiative of the White House to levy sanctions on Russia in 2022 obliged emerging economies to protect their GDP. The move prompted the bloc to give the de-dollarization a serious thought because the White House was in a position to bring down their economy. Trade power of the emerging economies are more in comparison with the west combined. Also Read: President Trump Says India Has Offered Zero Tariffs on US Goods The US dollar, which was a rock-solid currency for global payments, is seeing its roots being shaken by BRICS. The alliance of the developing countries is now serious in pushing the local currencies forward and developing their native economy. They were in the greenback’s clutches for so many decades and are now trying to clip its wings. The local currencies can rise in the markets while the American dollar goes down within the next few years. Also Read: Mastercard & Mo...

There is no denying that the digital asset industry is set to get a major boost this year. Amid that activity, one BRICS nation is set to launch its very own stablecoin, and it will severely threaten the US dollar. With the market cap of the industry surpassing the $242 billion mark, the potential growth for the alliance’s native currency could be huge. Specifically, it was the United Arab Emirates (UAE) that announced the arrival of a dirham-backed stablecoin. What makes it all the more interesting is that it becomes one of the major competitors to US dollar-backed stablecoins that have dominated the market. Its arrival could set off a new trend and certainly challenge the dominance of the greenback. Source: Truth Social Also Read: China & UAE Reach 5-Year LNG Deal As US Trade War Intensifies UAE Stablecoin Set to Strengthen BRICS Cause, Hinder US Dollar Dominance There is no denying that stablecoins have become a digital asset sector with immense potential. It provides a lot of ...

BRICS is doing everything to puncture the prospects of the US dollar as the White House is accused of weaponizing the currency. The bloc kick-started the de-dollarization agenda and is now convincing emerging economies to trade in local currencies. The alliance has been successful as many developing countries signed trade deals settling cross-border transactions in native currencies. Also Read: BRICS Divided on US Dollar Replacement Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If the White House fails to import the dollar, the U.S. could enter a new era of hyperinflation. The US dollar needs to maintain its dominant position in the currency markets to make other countries absorb its deficit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: The US Dollar Losing Its Reliability, Say BMO Analysts Source: beincrypto.com Commodity analysts at BMO Capital Markets wrote that the US dollar is losing its...

US President Donald Trump vowed to put an end to the de-dollarization initiative kick-started by developing countries to protect the dollar. The President threatened import tariffs on anyone trying to sideline the US dollar for trade. He also imposed tariffs on Canada, Mexico, and China, and warned other countries that they could be next. Also Read: De-Dollarization and the Privacy Debate: The Geopolitical Push for CBDCs The pressure mounted on developing countries by Trump is bringing the de-dollarization agenda to a screeching halt. Emerging economies are now considering using the US dollar for trade and pausing settling cross-border transactions in local currencies. “The idea of undermining the dollar is dead now,” said Trump to reporters at the White House. De-Dollarization: Tariffs Saves the US Dollar Source: MarketWatch Also Read: New Ripple XRP Price Surge to $3.40? What to Know Tariffs imposed on several countries are making them reconsider de-dollarization and use ...