Page 12 - De Dollarization News Today

For Michael Xu, a sales veteran with 12 years of experience in automobile exports, one of the most evident industry trends over the past year has been the falling use of the US dollar in settlements with his overseas clients.

ALBAWABA – De-dollarization is occurring at a fast pace, threatening the dominance of the United States (US) dollar, news agencies have reported.

The members of the BRICS bloc of major emerging economies have recently met to decide on adding new members and creating a common currency to challenge the United States dollar. The five nations [...]

The dollars share of foreign exchange reserves has dropped significantly after the West froze Russias $330 billion in reserves last year for its invasion of Ukraine

In China, interest rates offered by the banks on dollar deposits of $50,000 and above have been capped at 4.3 per cent

"In general, the anchor currency for governments and central banks has been, will be, and will likely be in the future the United States dollar."

The US unemployment rate jumped to 3.7% from 3.4% percent in April with wage growth slowing, as per the Bureau of Labor Statistics. At the same time, US employers added a robust 339,000 jobs last month. Sputnik sat down with US economist Dr. Paul Craig Roberts to discuss the seemingly contradictory figures.

Many countries are now pushing for a new finance phenomenon called ‘de-dollarization’, which can prove to be a major setback for the US and a trade boom for India.

The BRICS countries are attempting to challenge the US dollars dominant position as the worlds reserve currency, but their efforts are likely to fail due to economic factors and too many contradictions between the groups members. The dollar is currently used in 42% of currency transactions, while the euro accounts for 32%. There are also concerns that moves towards de-dollarisation could lead to overreach by western countries, such as the freezing of foreign exchange and gold reserves, following...

Chinese Vice Foreign Minister Ma Zhaoxu said that the idea of expanding the bloc would be highly beneficial to the developing world.