China News by Thebittimes.Com

The global foreign exchange market conducts transactions worth $7.5 trillion a year, according to the Bank for International Settlements latest triennial survey. The US dollar takes the majority of the share, with 88% of all foreign exchange transactions being settled in it. Therefore, the usage of the USD in foreign exchange transactions is $6.6 trillion, which BRICS is aiming to overtake. On the other hand, BRICS member China’s local currency, the yuan, is used in only 7% of all global foreign exchange. The euro takes the second spot at 30.5% of all FX transactions yearly. The sum of volume can exceed 100%, indicating how often each currency is used on either side of a trade. Also Read: India Confirms BRICS De-Dollarization Efforts Despite Trump’s Pressure BRICS Falters in the Foreign Exchange Market, No Match for the USD Source: Getty Images The development indicates that the BRICS alliance must position their local currencies to be used more than $6.6 trillion in the foreign e...

Donald Trump has vowed to end de-dollarization, a phenomenon that has repeatedly wounded the US dollar ever since the currency dynamics began to spread out. The US dollar is now surrounded by credible foes and enemies who want to establish their own supremacy by detailing the dollar’s prestige. Will the American currency be able to withstand the test of changing global dynamics? The scenario points towards a negative stance, indicating that the phenomenon of de-dollarization is indeed unstoppable. Also Read: Pi Network (PI) Predicted To Hit New Peak Of $6.54: Here’s When 3 Reasons Stating Why De-Dollarization Cannot Be Stopped 1. Rising Geopolitical Changes Nagging The US Dollar Source: Watcher Guru The geopolitical narratives are now increasingly taking a new turn. With nations coming up with their dynamics, infrastructures, and orders, their need to rely on USD for further help seems to be dissipating with each passing day. At the same time, alliances like BRICS and ASEAN are no...

The US dollar Index (DXY) might crash to the 96-97 range during the end of this quarter in March 2024. Local currencies are most likely to rise in the coming months denting the prospects of the US dollar. The DXY index, which gauges the US dollar’s strength against six leading currencies was down 0.25% on Monday. The US dollar is hovering around the 103.8 mark after briefly rising from 102 points early this month. However, the index is dangerously low and close to dipping below the 100 mark. Also Read: BRICS: China Stockpiling 1.39 Million Barrels of Oil Every Day US Dollar Could Crash Towards 96-97 Level in March 2024, Predicts Currency Analyst Source: iStock Leading currency and forex analyst Abhilash Koikkara predicts that the US dollar could fall to the 96-97 level in March 2024. The sharp decline could come after the labor market tightens leading to the erosion of the DXY index. Also Read: BRICS: Chinese Yuan Beats US Dollar as Top Traded Currency in Russia The...

In August 2023, PayPal made a significant move by introducing its stablecoin, backed by the U.S. dollar. Partnering with Crypto.com, based in Singapore, and Paxos, PayPal aimed to establish itself as a leading platform for USD transactions. As of a press release dated September 28, Crypto.com has successfully secured the position of having the highest liquidity for PY USD trading pairs on a global scale. They have made PY USD available to both retail and institutional users, with exciting “trading Features ” soon to follow. This strategic development builds upon the existing partnership between PayPal and Crypto.com, including the innovative option to fund the Crypto.com Visa Card using PayPal , as highlighted in the press release. The collaboration’s overarching goal is to connect over 80 million users to the latest crypto innovations while simultaneously supporting PayPal’s vast network of consumers and merchants. This endeavor plays a pivotal role in PayP...

Countries around the world may reduce dependency on the U.S. dollar and create a bipolar global currency system, says Nouriel Roubini. The Stern School of Business professor at New York University said that world leaders are exploring alternative reserves to eliminate the dollar ’s dominance. In a series of interviews, Roubini stressed that China, Russia , and Brazil, might create a substitute monetary system that might not make use of the USD for international trade settlements. Also Read: China’s National Debt Grows 3x Faster Than the U.S. In 12 Months Roubini mentioned that the process might not happen overnight but Americans could eventually feel the dollar’s strength fading. He called the recent banking crisis, a prominent catalyst for the fall of the USD. The trust in the dollar is waning due to the banking failures making other countries ditch the reserve currency. The strained ties between the United States and China led to the idea of creating a new currency, h...