Sanctions will result in reduction of dollar's influence
4 months, 3 weeks ago

Sanctions will result in reduction of dollar's influence

China Daily  

MA XUEJING/CHINA DAILY Editor's note: The world has undergone many changes and shocks in recent years. Confidence in the dollar has recently declined due to the illegal freezing and subsequent confiscation of Russian assets by the G7 countries, disrupting the stability of the current global financial system. During the same period, the other BRICS countries decreased their holdings of US treasury bonds as well: India sold $1.4 billion, Brazil shed $1.2 billion, and Saudi Arabia $300 million. The BRICS countries, initially comprised of Brazil, Russia, India, China and South Africa, later joined by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, have come together to increase their say and influence on the global stage. As more countries seek alternatives to the US dollar, the world may soon witness a new financial landscape that will forever change international relations, global trade, investment and the global power dynamics.

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History of this topic

How Trump is rethinking economic power
2 weeks, 5 days ago

How Trump is rethinking economic power

Live Mint  

In September, Donald Trump made an impassioned defense of the dollar’s status as the world’s reserve currency: “If we lost the dollar as the world currency, I think that would be the equivalent of losing a war." Yet Trump’s defense of the dollar is a window into how he thinks the U.S. should exercise its economic power. “The more that …

Why is Donald Trump threatening Brics members against de-dollarisation?
Top News
3 weeks, 1 day ago

Why is Donald Trump threatening Brics members against de-dollarisation?

Firstpost  

Donald Trump has demanded that Brics members promise not to create a new currency or support another currency to replace the United States dollar as the world’s reserve currency. Trump has demanded that Brics member nations promise not to create a new currency or support another currency to replace the United States dollar. “We require a commitment from these countries …

Trump’s 100 per cent tariff threat on BRICS: Need to see if US law permits sanctions: Ex-RBI Guv
3 weeks, 1 day ago

Trump’s 100 per cent tariff threat on BRICS: Need to see if US law permits sanctions: Ex-RBI Guv

Live Mint  

Hyderabad, President-elect Donald Trump’s warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US law permits such an action, former RBI Governor Duvvuri Subbarao said on Monday. The nine-member group …

As Trump threatens 100% tariffs, where India stands on Brics currency vs dollar
3 weeks, 2 days ago

As Trump threatens 100% tariffs, where India stands on Brics currency vs dollar

India Today  

As Donald Trump returns to the White House in January 2025, his aggressive trade stance - the latest now being a 100 per cent tariff threat on Brics nations, including India, if they went ahead to develop their own currency to undermine the US dollar's dominance - has already created ripples in the global economy. Trump's 100 per cent tariff …

Sanctions will result in reduction of dollar's influence
4 months, 3 weeks ago

Sanctions will result in reduction of dollar's influence

China Daily  

MA XUEJING/CHINA DAILY Editor's note: The world has undergone many changes and shocks in recent years. Confidence in the dollar has recently declined due to the illegal freezing and subsequent confiscation of Russian assets by the G7 countries, disrupting the stability of the current global financial system. During the same period, the other BRICS countries decreased their holdings of US …

Familiar source of global financial problems
1 year, 3 months ago

Familiar source of global financial problems

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. To ease the inflationary pressure, the Federal Reserve began a radical interest rate hike cycle in March 2022, which caused serious negative spillover effects on the world economy. For a long time, the US has used its dollar hegemony in the international monetary system to …

War sanctions against Russia highlight growing divisions among the Group of 20 countries
1 year, 3 months ago

War sanctions against Russia highlight growing divisions among the Group of 20 countries

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries. The Treasury Department said Yellen’s four-day trip will highlight “the importance of imposing severe costs on Russia and mitigating global spillovers.” Yellen will stress the consequences …

BRICS announces induction of 6 nations: What is its significance and will it change world order? EXPLAINED
1 year, 3 months ago

BRICS announces induction of 6 nations: What is its significance and will it change world order? EXPLAINED

India TV News  

The BRICS group, in its Summit in South Africa’s Johannesburg, took a huge leap in the expansion of its reach through the announcement that it has invited six other countries - mostly from the Middle East, to be a part of the bloc of emerging economies. The six nations that have been extended an invitation to join the BRICS include …

Emerging markets to lead global governance reform
1 year, 4 months ago

Emerging markets to lead global governance reform

China Daily  

MA XUEJING/CHINA DAILY The 15th BRICS Summit in Johannesburg, South Africa, from Tuesday to Thursday, is the first offline meeting of BRICS in the post-pandemic era — the last three were held under the chair of Russia, India and China in the virtual format due to the COVID-19 pandemic. Economic relationships between the BRICS countries have been formalized by the …

US responsible for de-dollarization, says IMF
1 year, 5 months ago

US responsible for de-dollarization, says IMF

Firstpost  

Washington’s policies and actions have compelled most countries across the world to seek alternatives to US dollar, said International Monetary Fund’s executive director for Russia, Aleksei Mozhin. ‘Process of de-dollarization has begun’ “It’s clear that it will not happen at once, but the process has begun,” Mozhin said, anticipating a steady decline in the dominance of dollar. “I think our …

Are we seeing a de-throning of the dollar?
1 year, 7 months ago

Are we seeing a de-throning of the dollar?

Hindustan Times  

Since early 2023, the international currency discussion has gained enormous traction. Further, in January 2023, several countries in South East Asia also deliberated over how to circumvent the US currency dominance; meanwhile, the dollar continues to gain strength. However, since the US dollar exchange rates have reached the highest in 20 years amongst the kitty of currencies, this rapid rise …

Why de-dollarization is inevitable
1 year, 8 months ago

Why de-dollarization is inevitable

China Daily  

In 1023, a thousand years ago, the Song Dynasty changed the history of money by introducing paper money, jiaozi, as legal tender and a means of exchange. A full millennium later, China is again set to transform the history of money, first, by spearheading the transition from paper money to the era of digital currency, leading the world in mobile …

Will Russia sanctions dethrone ‘King Dollar’?
1 year, 9 months ago

Will Russia sanctions dethrone ‘King Dollar’?

Al Jazeera  

A flood of nations is trying to cut dependance on the dollar, fearing ‘weaponisation’ by the US. Now, another war is setting the stage for many countries to explore a move away from the dollar for trade, raising questions over the currency’s future dominance. The financial world’s ‘nuclear option’ The US-led sanctions freezing Russia’s ability to use half of its …

Russian finance minister urges BRICS to band together to mitigate economic crisis
2 years, 8 months ago

Russian finance minister urges BRICS to band together to mitigate economic crisis

Firstpost  

Anatoly Siluanov blamed economic sanctions on Russia for ‘destroying the foundation of the existing international monetary and financial system based on the US dollar’ and urged BRICS to rely more on their national currencies in foreign trade Moscow: Russian Finance Minister Anatoly Siluanov said on Saturday that the five BRICS countries could mitigate the backlash of Western sanctions against Russia …

Sanctions sink Russia's rouble and could leave its economy in rubble and Vladimir Putin out of a job
2 years, 9 months ago

Sanctions sink Russia's rouble and could leave its economy in rubble and Vladimir Putin out of a job

ABC  

The war in Ukraine suddenly has shifted from the battleground to the boardroom, the bourse and banks as Russian consumers prepare to enter their very own world of pain. As the death toll mounts and the military onslaught continues with renewed vigour, Russia's central bank on Monday night was forced to hike interest rates from an already punishing 9.5 per …

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