Page 5 - De Dollarisation News Today

Over the past few days, senior political leaders, in most parts of West Asia, have been persistently making statements, suggesting the dollars dominance in the region may fade

A US default looms large as Republicans and Democrats spar over raising the government’s spending limits. It has forced Joe Biden to cancel his upcoming trip to Australia, resulting in the Quad Summit with leaders from India, Australia and Japan being called off

China has long been keen to promote the yuan overseas, as well as reducing its reliance on the US dollar, with the likes of Russia, Brazil and Bangladesh increasing their use of the currency.

Russia said that there has been no change in bilateral developments with India and discussion are underway is settling trade in INR

The Reserve Bank of Zimbabwe (RBZ) said it will launch gold-backed digital currency on 8 May

Argentina has joined Brazil to be the latest south-American nation to dump the dollar and trade in the Chinese yuan. Nations across the world, including India, are indulging in de-dollarisation – a push back against the American currency’s hegemony across the world

De-dollarisation calls for reducing the reliance on US dollar for international trade.

The BRICS nations have been mulling creating a new currency to facilitate overseas trade

De-dollarisation basically means reducing the dependence on the US dollar as a medium of exchange or reserve currency.

Indonesia is following the lead of BRICS (an acronym for five leading economies: Brazil, Russia, India, China, and South Africa) in de-dollarisation and seeking ways to stop paying for global trade in the US dollar.