China News by Thebittimes.Com

Saudi Arabia is dipping its toes on both sides of the aisle by blowing hot and cold with the US and BRICS. The Kingdom of Saudi Arabia had paused the BRICS invitation by not providing a straightforward answer about joining the bloc. It is maintaining a friendly stance with both the US and the alliance and leveraging various trade deals to its benefit. The Kingdom wants the help of both to keep its Vision 2030 target afloat. Also Read: BRICS: Only 33% of Trade Settled in US Dollars The nation is diplomatically sitting on the fence and pausing BRICS membership to seal trade deals with the US. The Mohammed bin Salman-led government sees more value in the US but also wants the support of the alliance. They are weighing the pros and cons of the bloc before giving out a final decision and are hedging the invite to their advantage. This gives the kingdom ample room to initiate deals and gain the upper hand in trade policies. Also Read: BRICS Alliance: 2 New Countries Apply to Join Before 2025...

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...