Is the dollar getting dethroned? Not quite
1 year, 10 months ago

Is the dollar getting dethroned? Not quite

Hindustan Times  

There are some keywords that are periodically tossed around to indicate a looming crisis. Two, the yuan as a reserve currency – or the so-called yuannabe narrative – will not save the world which is still not ready to hand over the keys to a communist dictatorship. In fact, as the US moves towards another debt ceiling hike drama in June 2023, there are indications of an imminent downgrade in the credit rating of US treasuries – the gold standard in the global store of value. Three, the creation of the Russian and Chinese SWIFT alternatives to global currency transactions, along with the increasing number of bilateral deals for trade in non-dollar currencies such as the yuan, are chipping away at the superman status of the dollar. Additionally, the looming downgrade of US treasuries might cause global headlines, but will not have a lasting impact on the dollar’s supremacy.

Global India Russia Currency Narrative Russian Dollar  narrative  currency  getting  india  world  yuan  downgrade  store  global  dollar  quite  dethroned  trade

History of this topic

De-dollarisation was natural, but Trump will accelerate it
1 day, 21 hours ago

De-dollarisation was natural, but Trump will accelerate it

Hindustan Times  

De-dollarisation is a natural process of stabilisation as the dollar’s presence in world markets — in foreign-exchange transactions, trade invoicing, SWIFT payments, international debt securities and cross-border loans — far exceeds the United States economy’s share of both global Gross Domestic Product and international trade. The Russian invasion of Ukraine and the sanctions imposed on Russia was a nodal point …

Jaishankar plays down de-dollarisation chatter, backs a global Indian rupee | Watch
3 weeks, 6 days ago

Jaishankar plays down de-dollarisation chatter, backs a global Indian rupee | Watch

Firstpost  

Amid threats from US President Donald Trump, External Affairs Minister S Jaishankar has refused any plan of de-dollarisation Amid threats from US President Donald Trump, External Affairs Minister S Jaishankar has downplayed talks around dedollarisation and has instead backed the internationalisation of the Indian rupee. In recent months, Trump has repeatedly threatened to impose 100 per cent tariffs on Brics …

'Find another sucker nation': Trump threatens Brics with tariffs again. What's at stake for India?
2 months ago

'Find another sucker nation': Trump threatens Brics with tariffs again. What's at stake for India?

Firstpost  

In recent years, Brics has become one of the most economically powerful groups. Two of its member states are among the top five largest economies in the world A week after assuming the presidency, US President Donald Trump reiterated his tariff threat to Brics nations, which comprises Brazil, Russia, India, China and South Africa along with other newly appointed countries. …

De-dollarisation not our policy or strategy: India after yet another Trump threat to BRICS
2 months ago

De-dollarisation not our policy or strategy: India after yet another Trump threat to BRICS

New Indian Express  

NEW DELHI: India on Friday reaffirmed that de-dollarisation is neither its policy nor strategy, after President Donald Trump again warned BRICS countries against replacing the US dollar as a reserve currency, reiterating a threat of 100% tariffs he had made earlier. “On de-dollarisation, the External Affairs Minister has made it clear that we don’t have any policy or strategy in …

Trump’s Dollar Policy: Can US Currency Maintain Global Status Amid De-dollarization Threats?
2 months, 2 weeks ago

Trump’s Dollar Policy: Can US Currency Maintain Global Status Amid De-dollarization Threats?

The Hindu  

Published : Jan 15, 2025 10:15 IST - 12 MINS READ US President-elect Donald Trump has been treating the world to a “shock and awe” torrent of economic threats: tariffs on allies as well as adversaries; deportation of 11 million undocumented immigrants; retaliation against de-dollarisation efforts with more tariffs; rollout of more tax cuts; establishment of a Department of Government …

Finance ministry charts path to $5 trillion by FY29
2 months, 3 weeks ago

Finance ministry charts path to $5 trillion by FY29

Hindustan Times  

Unleashing the productive potential of micro, small and medium enterprises; streamlining regulatory obligations; ensuring land availability at reasonable price; and securing energy needs -- these are some of the measures that will “guarantee” further acceleration of India’s economic growth, according to a note prepared by the Union finance ministry. Last month, the parliamentary standing committee on finance led by senior …

Dollar trade finance dips as demand for local currencies rises: JPMorgan's Zhang
3 months ago

Dollar trade finance dips as demand for local currencies rises: JPMorgan's Zhang

Live Mint  

Mumbai: There has been a mild decline in the use of US dollars for trade finance in the Asia Pacific region on the back of higher interest rates, with demand for local currency financing increasing to fill the gap, according to a senior banker at JPMorgan. “Notably, US dollar trade finance has experienced declining momentum in the last two years, …

India’s Central Bank dials down use of NDFs to fight Dollar
3 months, 2 weeks ago

India’s Central Bank dials down use of NDFs to fight Dollar

Live Mint  

India’s central bank has started to rein in its ballooning non-deliverable forwards book, according to people familiar with the matter, shifting away from one of its key tools to push back against the strong dollar. The Reserve Bank of India has recently let some short dollar positions in the overseas market expire without rolling into new contracts, the people said, …

Trump’s approach to trade could be disruptive without doing much for America and the world
3 months, 2 weeks ago

Trump’s approach to trade could be disruptive without doing much for America and the world

Live Mint  

Donald Trump will be sworn in as president of the US for a second time on 20 January 2025. India is one of the countries that Trump has threatened in case it moves ahead with using currencies other than the US dollar for its international trade. The US can reduce its aggregate trade deficit with the rest of the world …

The great unknown: how a Trump presidency could affect the world, in five charts
3 months, 3 weeks ago

The great unknown: how a Trump presidency could affect the world, in five charts

Live Mint  

US President Harry S. Truman once famously asked for a “one-handed economist" because he was tired of economists who, instead of giving decisive answers, would say, “On the one hand, this, and on the other hand, that." A plan to impose across-the-board tariffs on Mexico, Canada and China reinforced the view that tariffs would increase prices and keep US interest …

De-dollarization debate: The US-led West should rethink its dollar diplomacy
3 months, 3 weeks ago

De-dollarization debate: The US-led West should rethink its dollar diplomacy

Live Mint  

Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money. Conceived in 2022 as a clearing-house for central-bank digital currencies, mBridge had anchored the BIS’s own work towards a global interbank settlement system to connect CBDCs beyond the control of any single government. It was intermediated private money that exported Western rules …

De-dollarisation not on the table, says RBI Guv
3 months, 3 weeks ago

De-dollarisation not on the table, says RBI Guv

New Indian Express  

Reserve Bank Governor Shaktikanta Das has downplayed the punitive tariffs threatened by U.S. President-elect Donald Trump against BRICS nations if they move away from the dollar, stating that each punitive action would likely provoke counteractions from the affected countries. Trump had on November 30 asked for a commitment from BRICS countries that they would neither create a new currency nor …

Rupee's slide: What it means for economy, markets, and you
3 months, 4 weeks ago

Rupee's slide: What it means for economy, markets, and you

India Today  

The rupee’s recent tumble to a record low of 84.73 against the US dollar has raised concerns about its impact on the economy and people’s daily lives. Although the rupee has recovered slightly today due to gains in the Chinese yuan, the recent drop reflects a confluence of global and domestic factors, creating ripple effects that extend beyond currency markets. …

Grand Strategy: The temptation to de-dollarise
3 months, 4 weeks ago

Grand Strategy: The temptation to de-dollarise

Hindustan Times  

President-elect Donald Trump’s warning to the BRICS nations including India—demanding a commitment not to create a new BRICS currency or alternatives to the US dollar—is both provocative and a harbinger of challenges ahead. In a way, Indian responses to various de-dollarisation attempts - which could theoretically pave the way for a more multipolar world departing from the current US-led status …

Mint Quick Edit | De-dollarization: Trump should target crypto, not Brics
4 months ago

Mint Quick Edit | De-dollarization: Trump should target crypto, not Brics

Live Mint  

India has stayed off US President-elect Donald Trump’s target range so far, but Brics was the focus of his latest finger-wag. On Saturday, he asked the group’s members to commit that “they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar", or else “they will face 100% Tariffs and should expect …

“Find another sucker”: Trump threatens 100% tariff on countries that resist U.S. dollar
4 months ago

“Find another sucker”: Trump threatens 100% tariff on countries that resist U.S. dollar

Salon  

President-elect Donald Trump's tariff threats continued on Saturday with a pledge to enact 100% tariffs on a bloc of nine countries if they shift away from the U.S. dollar in international trade. “We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar,” Trump …

Trump’s threat of 100% tariffs unrealistic; India should focus on local currency trading:GTRI
4 months ago

Trump’s threat of 100% tariffs unrealistic; India should focus on local currency trading:GTRI

Live Mint  

New Delhi, Dec 1 The warning of US President-elect Donald Trump to BRICS countries to impose 100 per cent customs duties if the BRICS group would replace the US dollar is unrealistic, and India should focus on developing a workable local currency trading system, think tank GTRI said on Sunday. "Trump's threat to impose 100 per cent tariffs on countries …

'Go find another sucker': Trump's message to BRICS members, which includes India
4 months ago

'Go find another sucker': Trump's message to BRICS members, which includes India

Hindustan Times  

Donald Trump, the next president of the United States, said on Saturday that BRICS countries can ‘go find another sucker’ if they cannot commit that they will neither create a new currency of their own, nor back any other currency “to replace the mighty US Dollar”. US President-elect Donald Trump Formed in 2009, BRICS is an intergovernmental organisation comprising nine …

Rupee slides, still better than other currencies: Is India, China growth threatening dollar?
4 months, 3 weeks ago

Rupee slides, still better than other currencies: Is India, China growth threatening dollar?

India Today  

The Indian rupee is down, but so are other major currencies against the US dollar. Despite its downward trajectory, however, the rupee is still well-placed against major currencies such as the Brazilian real, the Russian ruble, the Japanese yen, and the Canadian dollar. The Indian rupee has slid by 1.1 per cent against the dollar since January 1. In contrast, …

De-weaponizing the dollar
1 year, 1 month ago

De-weaponizing the dollar

China Daily  

BRICS is spearheading a new cross-border payment system using digital currencies to break away from Western dominance WANG XIAOYING/CHINA DAILY The United Arab Emirates and China completed the first cross-border payment using the digital dirham on Jan 30. The fact that the most advanced technology for using digital currencies has been created in developing countries illustrates that countries in the …

Emerging economies are pushing to end the dollar's dominance. But what's the alternative?
1 year, 7 months ago

Emerging economies are pushing to end the dollar's dominance. But what's the alternative?

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Across the developing world, many countries are fed up with America’s dominance of the …

America's political dysfunction, conflict with China pushing dedollarisation: JP Morgan
1 year, 8 months ago

America's political dysfunction, conflict with China pushing dedollarisation: JP Morgan

Firstpost  

Recent years have witnessed acceleration in trend towards de-dollarization with countries looking out for alternatives to reduce their reliance on the dollar For long, the dollar has been the world’s reserve currency, but its dominance is now under threat as more countries are joining the growing list of nations that want to shun the US currency and trade in their …

US responsible for de-dollarization, says IMF
1 year, 9 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 …

De-Dollarisation Trend: Why It Matters And What Investors Should Know?
1 year, 11 months ago

De-Dollarisation Trend: Why It Matters And What Investors Should Know?

News 18  

Argentina on Wednesday April 26, announced that it will pay in yuan for Chinese imports instead of the US dollar. As the world debates the merits and demerits of de-dollarisation, let us look at what the term means, and its possible impacts on the world economy. De-dollarisation basically means reducing the dependence on the US dollar as a medium of …

Are we seeing a de-throning of the dollar?
1 year, 11 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, 11 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 …

Dollar Decoupled: Donald Trump warns US currency 'crashing, will no longer be the world standard'
1 year, 11 months ago

Dollar Decoupled: Donald Trump warns US currency 'crashing, will no longer be the world standard'

Firstpost  

Donald Trump, frontrunner in the race for the 2024 Republican nomination, has been outrightly critical about the state of the economy of America New York: Dollar is “crashing” and “will soon no longer be the world standard,” said former US President Donald Trump, accusing his successor Joe Biden of destroying the country. There will be no defeat like that will …

Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini
2 years, 1 month ago

Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini

Firstpost  

Nicknamed as ‘Doctor Doom’ by Wall Street, Nouriel Roubini said overall there will be a process of de-dollarization over time New Delhi: The Indian rupee over time could become one of the global reserve currencies in the world, noted economist Nouriel Roubini said. Nicknamed as ‘Doctor Doom’ by Wall Street, Roubini in an interview to ET Now said: “One can …

US dollar fast losing out to the Chinese yuan, says 'Doctor Doom' Nouriel Roubini
2 years, 1 month ago

US dollar fast losing out to the Chinese yuan, says 'Doctor Doom' Nouriel Roubini

Firstpost  

Nouriel Roubini said even though there is no currency yet which is capable of knocking the US dollar off its pedestal, but the greenback is rapidly losing its competitive advantage to the Chinese yuan New York: The US dollar is quickly losing its competitive edge and its status as the world’s main reserve currency is in jeopardy, said economist Nouriel …

Mint Explainer: After covid, the unfolding of an unfair world
2 years, 2 months ago

Mint Explainer: After covid, the unfolding of an unfair world

Live Mint  

The post-pandemic world is not only poorer, but also becoming more unequal and unfair. Severe lockdowns in pursuit of "zero covid" appears to have slowed the Chinese economy for now, but the developing world -- with the possible exception of India -- has taken a bigger hit. The World Bank also points out that "the large fiscal demand on global …

Indranil Banerjie | Dollar’s rise sets off crisis of collapsing currencies
2 years, 4 months ago

Indranil Banerjie | Dollar’s rise sets off crisis of collapsing currencies

Deccan Chronicle  

A currency storm is wreaking havoc across the globe. Even the mighty Chinese currency has been battered, falling 15 per cent this year to 7.25 yuan per US dollar by end October, which is its lowest rate since January 2008, the time of the global financial crisis. Virtually all Asian currencies have been hit: India by 10.9 per cent, Bangladesh …

India out of US’ Currency Monitoring List: What is it and why is the removal good news?
2 years, 4 months ago

India out of US’ Currency Monitoring List: What is it and why is the removal good news?

Firstpost  

Through the Currency Monitoring List, the Department of Treasury keeps an eye on the major US trading partners’ currency practices and macroeconomic policies. With India no longer on the list, an expert says it is ‘good news’ as the country is no longer considered a potential ‘currency manipulator’ The United States dropped India and four other countries from its Currency …

Dollar’s rise spells trouble for global economies
2 years, 6 months ago

Dollar’s rise spells trouble for global economies

Live Mint  

The U.S. dollar is experiencing a once-in-a-generation rally. “It’s not going to be contained.” A stronger dollar makes the debts that emerging-market governments and companies have taken out in U.S. dollars more expensive to pay back. “Whether the ECB turns more hawkish, whether there’s some improvement on the economic outlook, whatever happens, it’s generally offset by further dollar strength,” he …

India goes for global trade payments in rupees: What it means & challenges ahead
2 years, 8 months ago

India goes for global trade payments in rupees: What it means & challenges ahead

India Today  

The Reserve Bank of India has announced that it is putting into place a mechanism for international trade settlements in rupees. The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said. "In order to promote growth of global trade with emphasis on exports from India and to …

India’s currency could keep falling without failing us
2 years, 8 months ago

India’s currency could keep falling without failing us

Live Mint  

The Indian rupee has historically weakened against the US dollar, but bouts of volatility never fail to set alarm bells ringing. A ‘shock’ could take the form of sharp interest rate increases by systemically important central banks, such as the US Federal Reserve, geopolitical developments, oil price volatility, or a financial crisis—all of which create a risk-off scenario, leading to …

China and Russia have been reducing dependency on US Dollar since 2020
3 years ago

China and Russia have been reducing dependency on US Dollar since 2020

Op India  

As Russia’s economy gets hammered by sanctions imposed upon by many countries including the US, China has emerged as the key player after it has decided to revert back to its own currency in pursuing trade with Russia. Amid Moscow’s deepening international isolation, Analyst Tom Fowdy on Thursday opined that the US might have to face long-standing consequences of strategic …

With West’s SWIFT Punishment to Russia, India Must Offer the World a Better Alternative – Its GPI
3 years, 1 month ago

With West’s SWIFT Punishment to Russia, India Must Offer the World a Better Alternative – Its GPI

News 18  

The Russian invasion of Ukraine has resulted in European countries quickly knocking off Russian banks from the international payment network SWIFT. India’s Central Bank Digital Currency is a mouthful and CBDC sounds like a non-functioning government acronym, so let’s call it “e-Rupee” — a simple name that clearly defines its form and linkage to India’s fiat currency, the Rupee. To …

Will the US Dollar’s Dominance Last?
3 years, 2 months ago

Will the US Dollar’s Dominance Last?

The Diplomat  

When it comes to embracing the digital currency revolution, the United States is beginning to fall behind China and a number of other countries. For the U.S. Federal Reserve to be especially cautious about delving into central bank digital currencies is hardly surprising, and the Fed has every reason to be careful, given the U.S. dollar’s international standing as a …

The economy is looking up. Seize the moment | Analysis
4 years, 5 months ago

The economy is looking up. Seize the moment | Analysis

Hindustan Times  

The festive season is upon us and finance minister Nirmala Sitharaman’s measures to boost demand will come as a relief to consumers. On the domestic front, India needs to attract global brands which are keen to move out of China altogether The announcement is a sign that the wheels of the economy are slowly moving again. Normally, RBI buys government …

Is US dollar’s reign as world’s reserve currency is under threat?
4 years, 8 months ago

Is US dollar’s reign as world’s reserve currency is under threat?

Live Mint  

The dollar’s rise to become the dominant currency started after World War I, but it was only definitively confirmed by the Bretton Woods accord reached in 1944. Wider use of SDRs as a reserve currency would reduce developing economies’ need for foreign exchange reserves as “self-insurance.” SDRs became a go-to reserve asset when the dollar fell 34% vs. the yen …

India's place in a post-COVID-19 world: Restructuring economic policy, bridging trust deficit will have to go hand-in-hand
4 years, 10 months ago

India's place in a post-COVID-19 world: Restructuring economic policy, bridging trust deficit will have to go hand-in-hand

Firstpost  

COVID-19 lockdown: To benefit from this economic crisis and offer an effective alternative, India will have to reorient its role in South Asia and beyond. Addressing a convocation ceremony in Indianapolis in 1959, then Senator of Massachusetts, John F. Kennedy eloquently declared : “When written in Chinese, the word ‘crisis’ is composed of two characters—one represents danger and one represents …

Why has the rupee fallen against the dollar?
5 years ago

Why has the rupee fallen against the dollar?

The Hindu  

March 22, 2020 12:02 am | Updated 12:02 am IST The story so far: The rupee slumped on Friday to a record closing low of 75.20 against the U.S. dollar as deepening concerns about the economic fallout of the COVID-19 pandemic sent global investors scurrying to dump most assets, especially emerging market holdings, and opt for cash and the relative …

US Treasury chief warns China against currency devaluations
6 years, 5 months ago

US Treasury chief warns China against currency devaluations

India TV News  

US Treasury Secretary Steven Mnuchin has warned China against its currency devaluation. "Several factors are responsible for the recent fall in the Chinese Yuan, or renminbi, including economic issues in China", Mnuchin told Financial Times ahead of meetings in Bali, Indonesia of the IMF, World Bank and G20. "As we look at trade issues there is no question that we …

Rupee crashes past 72: Currency mayhem signals a deeper problem; India must think long-term, find solutions within
6 years, 6 months ago

Rupee crashes past 72: Currency mayhem signals a deeper problem; India must think long-term, find solutions within

Firstpost  

Editor’s note: The Indian rupee has crashed past the 72-mark against US dollar and continues to be on a roller coaster ride. Does rupee at 72 rings alarm bells to the Indian economy or is there an opportunity in the currency crisis as Narendra Modi government claims? A recent International Monetary Fund analysis even suggested that a significant currency depreciation …

Trade wars may become currency wars: Arvind Subramanian
6 years, 8 months ago

Trade wars may become currency wars: Arvind Subramanian

Live Mint  

New Delhi: Arvind Subramanian, having aided the government’s policy making as chief economic adviser since October 2014, is returning to academics later this month. Subramanian turned the annual economic survey, a budget document, into a widely read, in-depth commentary on the Indian economy and guided key policies including banking reforms and the goods and services tax. Edited excerpts from an …

India is not a currency manipulator
6 years, 11 months ago

India is not a currency manipulator

Live Mint  

The Indian government reported last week that the trade deficit with the rest of the world nearly doubled in the financial year ended 31 March. The US Treasury Department said a few hours later that it would be adding India to the list of countries that it considers as potential currency manipulators. It is important to recognize that India has …

The retreat of the dollar: Will it raise the risk of money laundering, corruption and terror?
7 years, 5 months ago

The retreat of the dollar: Will it raise the risk of money laundering, corruption and terror?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China announced this week that …

US can learn from India’s move toward cashless society: Silicon valley expert
8 years, 2 months ago

US can learn from India’s move toward cashless society: Silicon valley expert

Hindustan Times  

The US can learn many lessons from India’s move towards a cashless economy, a top Silicon valley expert has said while underlining that India “may have leapfrogged” American technology industry with simple and practical innovations. “With this, India will skip two generations of financial technologies and build something as monumental as China’s Great Wall and America’s interstate highways,” Wadhwa said …

Top Economists Around the World Assess India’s Currency Curbs
8 years, 4 months ago

Top Economists Around the World Assess India’s Currency Curbs

The Quint  

It has been more than three weeks since the government announced its decision to demonetise old Rs 500 and Rs 1,000 currency notes. There has been a wide-ranging debate on whether the government’s move will indeed succeed in curbing black money hoarding and tax evasion. India has been on many occasions called the ‘bright spot’ of world economy by organisations …

Discover Related