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 global financial system — especially the power of the dollar. At a meeting of BRICS foreign ministers in June, South Africa's Naledi Pandor said the bloc’s New Development Bank will seek alternatives “to the current internationally traded currencies" — a euphemism for the dollar. “None of the alternatives to the dollar managed to get to the dominance level," said Mihaela Papa, senior fellow at Tufts University’s Fletcher School of global affairs. Prosper Chitambara, an economic analyst in Harare, said the U.S. dollar “has always had a stabilizing effect.” But Zimbabwe’s economy, which has little industry, low investment, few exports and high debts, can't attract enough dollars to meet the needs of everyday commerce.

China Trade Russia World South Africa Zimbabwe Currency Brics Kenya South Alternative Brazil Countries End Uganda Inside Washington Dollar Washington Email Dollars Harare  currency  local  global  dollars  end  south  whats  emerging  dollar  pushing  brics  alternative  trade  world  economies  countries  dominance

History of this topic

Jaishankar plays down de-dollarisation chatter, backs a global Indian rupee | Watch
2 weeks, 4 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?
1 month, 3 weeks 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. …

‘Say goodbye to America, find another s****r’: Trump threatens 100% tariffs on India, BRICS for ditching US dollar
1 month, 3 weeks ago

‘Say goodbye to America, find another s****r’: Trump threatens 100% tariffs on India, BRICS for ditching US dollar

Live Mint  

US President Donald Trump on Thursday cautioned BRICS nations against replacing the US dollar as the reserve currency, reiterating a threat of 100% tariffs he had made shortly after winning the November presidential elections. "We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency …

Trump issues new warning to ‘seemingly hostile countries’
Trending News
1 month, 3 weeks ago

Trump issues new warning to ‘seemingly hostile countries’

Raw Story  

President Donald Trump issued a scathing new warning to countries comprising the BRICS economic bloc to back off any ideas of replacing the U.S. dollar – or else. “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump wrote Thursday referring to the global coalition that includes …

De-dollarisation not our policy or strategy: India after yet another Trump threat to BRICS
1 month, 3 weeks 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 threatens 'hostile' BRICS against replacing US dollar: Find another sucker
Top News
1 month, 3 weeks ago

Trump threatens 'hostile' BRICS against replacing US dollar: Find another sucker

India Today  

US President Donald Trump fired another warning shot at the BRICS bloc, of which India is a part, threatening to impose 100 per cent tariffs if they attempt to replace the US dollar with an alternative currency. "We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency, nor back …

Dollar challenge to Brics nations
Top News
3 months, 3 weeks ago

Dollar challenge to Brics nations

Hindustan Times  

Donald Trump will only take over the White House in January next year. ALLISON ROBBERT/Pool via REUTERS/File Photo After his proclamations of imposing tariffs on countries such as Canada and Mexico on his first day in office, Trump has now warned Brics countries against attempts to float any other currency to challenge the dollar’s hegemonic status. To give an example, …

Why is Donald Trump threatening Brics members against de-dollarisation?
Top News
3 months, 3 weeks 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 …

Mint Quick Edit | De-dollarization: Trump should target crypto, not Brics
3 months, 3 weeks 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 …

'Go find another sucker': Trump's message to BRICS members, which includes India
3 months, 3 weeks 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 …

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 …

We have valid reasons to be wary of BRICS expansion
1 year, 6 months ago

We have valid reasons to be wary of BRICS expansion

Live Mint  

BRICS is now BRICS-Plus and within this change lie diverse, multiple incarnations. The declaration at the end of the 15th BRICS summit last week provided clues on how BRICS-Plus would pursue the de-dollarization goal: “We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners. In …

Dollar hegemony prompts BRICS rethink
1 year, 7 months ago

Dollar hegemony prompts BRICS rethink

China Daily  

SHI YU/CHINA DAILY At the ongoing BRICS Summit in Johannesburg, a key topic that has attracted wide attention is the further development of new and complementary reserve currencies and settlement mechanisms. At the end of March, Alexander Babakov, deputy chairman of the Duma, the lower house of the Russian parliament, said the BRICS countries were working on creating a new …

Emerging markets to lead global governance reform
1 year, 7 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 …

Dollar hegemony prompts BRICS rethink
1 year, 7 months ago

Dollar hegemony prompts BRICS rethink

China Daily  

SHI YU/CHINA DAILY At the ongoing BRICS Summit in Johannesburg, a key topic that has attracted wide attention is the further development of new and complementary reserve currencies and settlement mechanisms. At the end of March, Alexander Babakov, deputy chairman of the Duma, the lower house of the Russian parliament, said the BRICS countries were working on creating a new …

brics common currency push & expansion plans: where does india stand?
1 year, 7 months ago

brics common currency push & expansion plans: where does india stand?

The Hindu  

The story so far: In a bid to deepen ties in Asia and Africa, the heads of the BRICS nations are scheduled to meet in Cape Town, South Africa on August 22-24 this year. In a post-meeting statement, South Africa’s foreign minister Naledi Pandor said that Shanghai-based New Development Bank had briefed the BRICS minsters about potentially using alternative currencies …

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?

Associated Press  

ABUJA, Nigeria — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. At a meeting of BRICS foreign ministers in June, South Africa’s Naledi Pandor said the …

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch
1 year, 8 months ago

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch

Hindustan Times  

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch India has made a big declaration amid speculation of a new BRICS currency. India's external affairs minister, S. Jaishankar, said there are no plans for a new BRICS currency and that the focus is on strengthening the national currency. Some reports state that 41 countries, including Bangladesh, …

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 …

Are we seeing a de-throning of the dollar?
1 year, 10 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 …

Contesting the hegemony of the dollar
2 years, 1 month ago

Contesting the hegemony of the dollar

The Hindu  

The fact that the multipolar international system is fast unfolding is reinforced by clear trends in polycentric global geoeconomics. There is significant trade within the Global South; currency swap agreements; trade in national currencies bypassing the dollar; steps towards trading oil and gas in national currencies; the promotion of such arrangements by regional organisations; the setting up of special accounts …

“Market acceptance will be key test for alternative to dollar”
2 years, 9 months ago

“Market acceptance will be key test for alternative to dollar”

The Hindu  

Sentiment of the market will be the ultimate test for a new global reserve currency that the BRICS member states are considering as an "alternative" to the American dollar, said a leading expert of BRICS affairs. Venkatesh Varma said on Thursday that national currencies are likely to play a greater role for trade within BRICS, but it is "impractical" to …

Russian finance minister urges BRICS to band together to mitigate economic crisis
2 years, 11 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 …

How emerging economies bear the burden of the dollar hegemony
3 years, 6 months ago

How emerging economies bear the burden of the dollar hegemony

Live Mint  

As the last instalment of this column observed, there is a rising drumbeat of debate over the unwinding of America’s unconventional monetary policy—in particular, large-scale asset purchases, often called quantitative easing —as well as the eventual normalization of its policy interest rate to above the near-zero level at which it has been stuck since the global financial crisis. Readers will …

Countries come together in hope of creating cryptocurrency backed by central banks
5 years, 2 months ago

Countries come together in hope of creating cryptocurrency backed by central banks

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has created an international group to explore the possibility …

BIS channels Raghuram Rajan amid calls for new global monetary order
8 years, 10 months ago

BIS channels Raghuram Rajan amid calls for new global monetary order

Live Mint  

Frankfurt: The world’s dollar-dominated monetary order has serious instabilities that can best be fixed by central banks explicitly coordinating policy, Claudio Borio, the chief economist of the Bank for International Settlements, argued in a new paper. The “most ambitious possibility would be to develop and implement new global rules of the game that would help instill greater discipline in national …

New Development Bank an assertion of BRICS’ political sovereignty: Kamath
9 years ago

New Development Bank an assertion of BRICS’ political sovereignty: Kamath

The Hindu  

The formation of the New Development Bank of the Brazil-Russia-India-China-South Africa grouping is an assertion of the Global South and its significance would be felt beyond the economic domain, K.V. As we go along, we will clearly look at membership on a wider framework, but I think these countries can be justly proud that this was an effort from the …

BRICS Bank to fund inclusive needs of emerging nations: Modi
9 years, 4 months ago

BRICS Bank to fund inclusive needs of emerging nations: Modi

India TV News  

Antalya: India will guide the BRICS nations' USD 50 billion New Development Bank - a rival to the World Bank - to finance "inclusive and responsive" needs of particularly emerging economies, Prime Minister Narendra Modi said today. BRICS nations Brazil, Russia, India, China and South Africa today reviewed the progress made in setting up of the New Development Bank as …

BRICS can give shape to G20: Modi
9 years, 4 months ago

BRICS can give shape to G20: Modi

The Hindu  

Prime Minister Narendra Modi said on Sunday that India looks forward to a concrete outcome in Paris within the framework of the UN Convention on Climate Change that should have an appropriate balance of collective action: equity and common but differentiated responsibility and respective capabilities. Mr. Modi called for the G20 to place priority on effective implementation of Sustainable Development …

RMB internationalization to rebalance global economy
9 years, 8 months ago

RMB internationalization to rebalance global economy

China Daily  

LONDON -- The internationalization of Chinese currency yuan, or renminbi, along with a more open capital account, will rebalance the global economy for more sustainable growth, said a report published on Monday. The internationalization of renminbi will also facilitate a more competitive, consumer-oriented economy in China, while firms and investors in the United States and Europe will enjoy new means …

BRICS Bank: Can India contain Chinese moves?
10 years, 7 months ago

BRICS Bank: Can India contain Chinese moves?

Al Jazeera  

With India in loop, critics question whether New Delhi is handing the reins of global finance to neighbouring China. But although India secured the bank’s first presidency, and even as Prime Minister Narendra Modi recently hailed “our capacity to set up global institutions” for development, some government officials have questioned whether they are handing the reins of global finance to …

金砖国家领导人第六次会晤福塔莱萨宣言全文[1]
10 years, 8 months ago

金砖国家领导人第六次会晤福塔莱萨宣言全文[1]

China Daily  

当地时间7月15日，金砖国家领导人第六次会晤在巴西福塔莱萨举行。会议发表了《金砖国家领导人第六次会晤福塔莱萨宣言》。宣言全文如下： Sixth BRICS Summit – Fortaleza Declaration 金砖国家领导人第六次会晤福塔莱萨宣言 1. Our shared views and commitment to international law and to multilateralism, with the United Nations at its center and foundation, are widely recognized and constitute a major contribution to global peace, economic stability, social inclusion, equality, sustainable development and mutually beneficial cooperation with all countries. We believe that strengthened dialogue among …

BRICS bank: how PM got big powers to accept India's idea
10 years, 8 months ago

BRICS bank: how PM got big powers to accept India's idea

Hindustan Times  

Prime Minister Narendra Modi's maiden multilateral outing to Brazil for the BRICS summit is already a success, with the announcement of the New Development Bank. The final negotiations between India and China on the bank modalities, and Modi's meeting with President Xi Jinping, also offer us some insights into the evolving Modi doctrine vis-a-vis big powers - especially seen in …

BRICS signs deal to create development bank
10 years, 8 months ago

BRICS signs deal to create development bank

Al Jazeera  

Group of emerging powers set up $100bn development bank, seen as rival to World bank and IMF. The BRICS group of emerging powers have launched a $100bn development bank to be based in the Chinese city of Shanghai, according to a joint declaration. The group will set up the new bank, with the capital equally shared among the BRICS members …

Brics bank created; China gets headquarters, India its presidency
10 years, 8 months ago

Brics bank created; China gets headquarters, India its presidency

Live Mint  

Brasilia/New Delhi: Leaders of the five Brics nations agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency. “Unlike the IMF and World Bank, which are managed by Europeans and Americans, the Brics bank is quite democratic,” Brazilian finance minister Guido Mantega told reporters. “Even with slowing economic growth …

Modi’s Brics summit challenge
10 years, 8 months ago

Modi’s Brics summit challenge

Times of India  

By Nayan Chanda When Prime Minister Narendra Modi flies to Brazil mid-July, it will be a welcome respite from the heat and cacophony of post-budget Delhi. Modi’s diplomatic skills in preserving India’s interests will also be tested as Xi attempts to turn Brics into a platform from which to advance China’s global agenda. And to add insult to injury, a …

Bankers see renminbi on rising road[1]- Chinadaily.com.cn
10 years, 10 months ago

Bankers see renminbi on rising road[1]- Chinadaily.com.cn

China Daily  

Major global financial institutions on Thursday released a report that advocates and anticipates more open capital markets and increased global use of the yuan. The report, RMB Roadmap, was prepared by the Asia Securities Industry & Financial Markets Association, Standard Chartered Plc and Thomson Reuters Corp. "China's currency does not currently match its economic heft, and it needs to go …

BRICS to float $100-bn currency pool
11 years, 6 months ago

BRICS to float $100-bn currency pool

India TV News  

New Delhi: New Delhi: BRICS nations on Thursday agreed to set up a $100-billion foreign currency reserve pool to counter the impact of a pull-out by foreign investors due to US Federal Reserve's tapering of quantitative easing programme. Similarly, South Africa would contribute $5 billion.The US Federal Open Market Committee meeting, scheduled for September 17-18, is expected to indicate when …

BRICS nations may set up development bank
11 years, 11 months ago

BRICS nations may set up development bank

India TV News  

Durban, Mar 26: The Summit of BRICS nations here tomorrow may take a call on the setting up of a development bank notwithstanding some key issues dogging it even as the leaders will advocate reforms of the global governance architecture. The Summit, which will open late tonight with a cultural programme and attended among others by Prime Minister Manmohan Singh, …

China defends BRICS bank move amid dollar discontent
12 years, 11 months ago

China defends BRICS bank move amid dollar discontent

The Hindu  

Defending the move by the BRICS nations — Brazil, Russia, India, China and South Africa — to set up a bank, China said the developing world had been left with few options, stressing the need for governments to allocate the initial seed money for the initiative. Explaining the need for government money in the initial capitalisation of the Bank, BRICS …

Governments must fund BRICS Bank: China
12 years, 11 months ago

Governments must fund BRICS Bank: China

The Hindu  

Defending the move by BRICS nations to set up a bank, China said developing world had been left with few options but wants the Governments to allocate the initial seed money. China expects a broad consensus to emerge at the BRICS Ministerial meeting on Wednesday, a day before the summit proper and its Foreign Ministry official Li Kexin is hoping …

BRICS nations make the first move with local currencies
13 years, 11 months ago

BRICS nations make the first move with local currencies

The Hindu  

The BRICS nations inked a pact to use their own currencies instead of the U.S. dollar in issuing credit or grants among each other and pushed for the early conclusion of an India-initiated U.N. comprehensive anti-terror law. “Our designated banks have signed a framework agreement on financial cooperation, which envisages grant of credit in local currencies and cooperation in capital …

Currency baiting
14 years, 4 months ago

Currency baiting

The Hindu  

The U.S.' injection of cheap money at home and its moves to get emerging markets to increase the value of their currencies are a sure recipe for conflict. While the United States sought to mobilise IMF support for an effort to realign exchange rates and ensure an appreciation of the renminbi in the wake of China's reserve accumulation, the Chinese …

Stephen King: As currency wars wind up, will quick thrills call the shots?
14 years, 5 months ago

Stephen King: As currency wars wind up, will quick thrills call the shots?

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. If quantitative easing works, it's through an increase in …

Currency controversies
14 years, 5 months ago

Currency controversies

The Hindu  

The U.S. House of Representatives has with a 348-to-79 majority passed a bill that allows the country to impose countervailing duties on imports from China. Those duties are to be calibrated using estimates of the extent of “undervaluation” of the renminbi, to signal that, in the U.S.’ view, China is manipulating its currency for export gain and generating global current …

Discover Related