Monday, June 24, 2024

Tag: US Dollar

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.
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.
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...
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 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.
Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow's dependency on the U.S. dollar and euro. Rupee accounts would be available from Wednesday, Russia's Sberbank said.
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.
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...
In an opinion piece published by Foreign Policy, former White House economist Joseph Sullivan said, "If BRICS uses its own currency for trade, it will end the dollar's hegemony."
Holders of dollars will see their purchasing power plummet, which is not a good thing for ordinary Americans if the US loses reserve currency status, and the fault will lie with the decades of monetary and fiscal...