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The De-dollarization initiative is taking over the world where a handful of developing countries are looking to stop using the US dollar for trade. The phenomenon gained steam after the US pressed sanctions on Russia in February 2022 for invading Ukraine. Since then, Russia teamed up with China and pushed the De-dollarization agenda to developing nations in Asia, Africa, and South America. Also Read: US Dollar: Here’s Why The Idea Of De-Dollarization Is A Big Fat Lie While the idea sounds exceptional on paper, the reality is quite different and difficult to take charge of. Accept it, the US dollar is the de facto currency in the world for all trade and transactions. Local currencies are more volatile and less valuable than the US dollar at a given time. Therefore, the De-dollarization initiative sounds good on paper while in reality, doesn’t make sense to take on the US dollar. Also Read: Cryptocurrency Can Never Dethrone The US Dollar, Experts Suggest De...

BRICS members India and Russia ditched the US dollar and settled payments worth $4 billion in local currencies. Russian exporters purchased Indian-made arms and equipment for defense purposes and cleared the payment using the rupee. The US dollar played no role in the cross-border trade making local currencies the sole beneficiary of the transactions. Also Read: BRICS : 2 New Countries Agree To Ditch US Dollar The BRICS alliance kick-started the de-dollarization agenda and is moving in the direction of using local currencies for cross-border transactions. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. BRICS: India & Russia Settle Trade Worth $4 Billion in Local Currency, Ditch the US Dollar Source: Freepik.com The Russian exporters held $8 billion in reserves in India’s special Vostro bank account for global exchange of trade settlement. Now, 50% of ...

BRICS members China and Russia are forging new partnerships to promote the concept and ideals of a multipolar world. Both countries are looking to reform the global financial system which is heavily concentrated and dominated by the US. Russia’s Foreign Minister Sergey Lavrov met Chinese President Xi Jinping on Tuesday and the two discussed ways to push the new financial ideals ahead. Also Read: BRICS: 2 New Countries Express Interest To Join the Alliance Both the BRICS countries China and Russia pledged to defend the ideals of a multipolar world and promote the concept across developing countries. A multipolar world , according to BRICS is to sideline the US dollar for transactions and use local currencies for trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: China & Russia Announce Plans To Reform the US-Led Financial System Source: a2zanimals.com The BRICS members explained that the US has p...

The U.S. dollar experienced a slump in March 2024 as gold prices skyrocketed to the $2,130 level on Wednesday. The DXY index shows the U.S. dollar dipping to the 103 level from a high of 104 last month in February. The world’s leading currency even fell to the 101 and 102 price range in January and February. However, the USD currency bounced back to 104 but is now facing strong resistance in the charts. Also Read: Cardano (ADA) Forecasted To Climb Above $1.5: Here’s When Source: MarketWatch However, the latest data shows that currency traders have not given up on the USD and are accumulating the dips in 2024. The U.S. dollar finds buyers in the dips as traders believe the currency could bounce back again. If currency traders open long positions at every dip, the USD will find resistance leading to its price consolidating. Also Read: Wall Street Analyst Buys Shiba Inu: Says Happy It Outperformed Bitcoin Currency Traders Remain Confident in the U.S. Dollar Sour...

BRICS member China is yet again dumping US dollars in the global currency markets to protect the Chinese Yuan. The Chinese state-run banks offloaded US dollars in the spot foreign exchange markets for three consecutive days on Monday, Tuesday, and Wednesday this week. Chinese banks resorted to dumping US dollars after rating agency Moody’s cut China’s outlook to negative. The ratings affect the Chinese Yuan’s prospects and could make the currency weaker in the global markets. Also Read:  BRICS : 150 Countries To Pay Chinese Yuan , Not USD for Loan Repayment? BRICS: China Resorts To Dump US Dollar’s To Protect Chinese Yuan Source: iStock After Moody’s ratings, the Chinese state-run banks stepped up their game by aggressively selling US dollars in the forex markets. Chinese banks were selling the US dollars and immediately buying the Chinese Yuan for three days straight. The move is aimed at tilting the Chinese Yuan into a favorable position against the ...