In early April, Zimbabwe launched a new currency called Zimbabwe Gold (ZiG), fully backed by gold and foreign reserves, aiming to replace the US dollar within two years. President Emmerson Mnangagwa announced this at an event, predicting ZiG’s nationwide acceptance soon. Backed by 100 tonnes of gold and $100 million
Saudi Arabia’s termination of its 80-year petrodollar deal on June 9, 2024, may reshape global oil markets, as it considers selling oil in currencies like the Chinese yuan, impacting US economic dominance. According to media sources, Saudi Arabia has chosen not to extend its 80-year petrodollar agreement with the United
Recent findings from the Hinrich Foundation indicate that China’s shift away from the USD signifies the commencement of de-dollarization. Furthermore, data reveals that the percentage of settlements conducted in RMB has now exceeded those in USD. Like many other nations, China has settled the majority of its cross-border payments in
The Reserve Bank of India has requested the nation’s principal state-owned refiners to accept rupees for crude, starting the process of de-dollarization with Gulf exporters. It seems that India is now seeking a similar agreement with Gulf crude exporters, four months after its government rejected efforts from Russian oil corporations
The Finance Committee of the Iraqi Parliament stated that they are calling to ditch the US dollar for oil trade. To thwart US sanctions on the Iraqi banking system, the Finance Committee of the Iraqi parliament started on January 31st, urging the sale of oil in currencies other than the
The BRICS countries have been pursuing a wide range of initiatives to decrease their dependence on the dollar, raising the question of how long the dollar will last as the world’s default currency. Could a new currency be set to challenge the dominance of the dollar? Perhaps, but that may
Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow’s dependency on the U.S. dollar and euro. Russia’s dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S.
China has also increasingly promoted the global usage of the yuan and expanded foreign investors’ access to its commodity exchanges in order to erode the dominance of the US dollar in global trade agreements. The US dollar is nowhere close to being dethroned as the dominant reserve currency and standard
In 2021, China derived 43% of its GDP from investment, which is twice as much as the US and other Western countries. If China shifts some of its GDP to consumption, it could reduce its trade surplus by encouraging consumers to buy more imported goods. This could potentially position China