China News by Thebittimes.Com

Oil refiners around the world are now demanding the US dollar for payment settlements and not local currencies. The development helped push the DXY index to the 100.20 level in August for the first time in three months. The last time the DXY index fell below the 100 mark was in May 2025. It took more than three months for the currency to reach the triple-digit range in the indices. Also Read: De-Dollarization Rose Under Biden, It’s Dying Under Trump Source: TradingView The surge came after oil suppliers were persistent in demanding the US dollar from importers for settlements. The Indian rupee was the hardest hit as it dipped 2.7% in a month. The USD/INR trading pair shows the greenback dominating the charts since July. The rupee has fallen to a low of 87.70, displaying broader weakness in the indices. However, the rupee is up nearly 2.40% year-to-date. Source: Google Dollar Demand From Oil Companies Rises, Local Currencies Fall Source: OilPrice The strong US dollar inflows to oil refi...

The US dollar has been touted by many as a prime suspect in bringing global volatility and economic distress to other nations. The constant weaponization of the US dollar and the nation’s use of sanctions to subdue inimical forces have led nations to initiate de-dollarization, a phenomenon that reduces reliance on the American currency. Now that Trump’s policies have brought in more geopolitical instability and mayhem, these 11 nations have decided to reduce their dependence on the US dollar, charting their own path to interconnect and push for local currency narratives to gain steam. Also Read: Eric Trump Says Crypto Will Replace SWIFT: 3 Coins That Can Make It Happen Why Is the US Dollar Losing Luster? Source: Watcher Guru The US dollar is currently trading at lower price spots, pitted globally due to the aggressive global policies initiated by Donald Trump. The dollar’s lackluster performance has been criticized by major league financial giants, including Goldman Sa...

The de-dollarization initiative kick-started by leading developing countries is threatening the reserve currency status of the US dollar. Emerging economies are looking to use their local currencies for cross-border transactions to strengthen their respective GDP. The move also allows local currencies to compete in the forex markets and not be chained under the US dollar. Also Read: De-Dollarization Reaches European Shores: EU Questions US Dollar Usage The quest to topple the US dollar from the global reserve currency status is paying off as developing countries forge trade deals that equip them to settle payments in local currencies through the de-dollarization initiative. Several countries including India, China, the United Arab Emirates, and Brazil, among others, have paid local currencies for trade settlements. Also Read: Intel (INTC) Stock Climbs Amid Talks of Layoffs De-Dollarization: No Alternative Currency To the US Dollar Source: Freepik.com Ashishkumar Chauhan, the Managing D...

The BRICS summit is scheduled to be held from October 22 to 24, 2024 in the Kazan region of Russia. The 16th summit will see nine countries at the table to discuss issues about trade and opportunities to use local currencies. Four new nations joined the bloc this year which includes the UAE, Egypt, Ethiopia, and Iran. Argentina rejected the membership while Saudi Arabia has kept the decision to join pending. Also Read: BRICS: 40 Countries Want To Ditch the US Dollar On the heels of the BRICS 2024 summit, more than 40 countries have expressed their interest to join the bloc. While around 25 countries have formally submitted their applications, nearly 15 nations have informally expressed their desire to be a part of the alliance. Most of these nations hail from Asia, Africa, and South America. Almost all the countries that are interest to join the bloc wants to end reliance on the US dollar and promote local currencies for trade. Read here to know how many sectors in the US will be affec...