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BRICS member China has pressed the accelerator on de-dollarization as lending in the Chinese yuan surges. China’s push for the yuan is working as trade and investments are moving away from the US dollar-based system and are entering into a multipolar world. The country’s exposure to the US dollar is declining as businesses are considering the yuan. The latest data from the Financial Times shows that deposits and bond investments by Chinese banks quadrupled to Rmb3.4tn ($480 billion) in five years. The development shows that the US dollar is no longer the central figure of trade and commerce. The BRICS de-dollarization agenda is working, despite its scale being smaller, while Chinese yuan settlements have doubled. Also Read: BRICS Speeds Up Dollar Selling, Chinese Firms Offload $51.8 Billion Source: SWIFT, Wind Exporters and importers in China are now using the Chinese yuan in settlements, the highest since December 2020. The move supports the BRICS de-dollarization agenda an...

BRICS member Ethiopia is in talks with China to convert its $5.38 billion worth of loans from the US dollar into the Chinese yuan. Ethiopia owes China $5.38 billion and plans to settle the payments in yuan-denominated loans. The move would bolster the local currency, giving it more strength in the forex markets. Eyob Tekalign, Ethiopia’s central bank Governor, is in discussions with BRICS member China for a potential swap to pay off loans in the Chinese yuan. Paying in the yuan-denominated loans helps Ethiopia save millions in foreign exchange rates. Paying in the US dollar is a costly affair, and converting the payments to yuan is cheaper. For context, BRICS member India saved close to $7 billion in foreign exchange rates for procuring oil in local currencies. Also Read: What The BRICS Currency Union Means for the US Dollar and Markets BRICS: US Dollar Loans To Be Converted Into Chinese Yuan Source: kitco.com / Shutterstock China is making all moves to internationalize the Chines...

BRICS members Russia, China, and India are looking at the Chinese yuan for oil settlements and not the US dollar. Reuters reported that Russian refiners are seeking payments in the Chinese yuan from Indian oil and gas firms. China, the largest buyer of Russian oil, has convinced the Putin administration to push for local currency for settlements. Indian oil refiners did not immediately respond to the demand from their BRICS counterpart, Russia, for oil payments in the Chinese yuan. However, Reuters quoted two sources who said that India already paid the Chinese yuan for three cargoes of Russian oil. This development has not been officially confirmed by the oil refiners. Also Read: Wall Street Buys 1,300+ Tonnes of Gold Before BRICS Currency Launch Also, India rotated payments in the Chinese yuan, Russian ruble, rupee, and the dirham. After China supported Pakistan post the Kashmir attacks, India stopped paying the Chinese yuan. Trump’s tariffs and trade wars also dealt a blow to t...

The Chinese yuan got a lift in the currency markets after the US-China deal went through on Monday in Geneva. Cross-border payments in the local currency hit a record high as swap lines settled 4.3 trillion worth of yuan in Q1. The People’s Bank of China (PBOC) seized the confusion regarding trade wars and tariffs and leveraged the opportunity to push the local currency on the global stage. Also Read: Trump Eyes $1 Trillion Saudi Mega-Deal, Cuts Netanyahu Ties as Peace Talks Stall Financial analysts reveal that there is a greater appetite for the Chinese yuan globally than for any other local currency. This puts it on the path of growth as the government is facilitating its usage across all sectors. Though it’s growing at a snail’s pace compared to other leading currencies, its market share cannot be written off. The currency seems to have more steam and is power hungry to grab the spotlight. China Promotes QR-Code Payments To Push Chinese Yuan Globally Source: Gina Sa...

The currency wars have now intensified, with the Chinese Yuan leading the financial space aggressively against the US dollar.  The Chinese yuan is now strongly competing against the US dollar. Per new developments rife in the space, the Chinese Yuan is now potentially on the verge of outperforming the US dollar by leading central and offshore transactions in Russia.  Also Read: The Chinese Yuan Is Unsettling the US Dollar: Here’s Why The Rise of the Chinese Yuan Source: MarketsInsider.com Per a Reuters report, the Chinese Yuan has now become a leading foreign currency in Russia, leaving the US dollar behind in a new currency development. The new data metrics reveal that Russia has been using Chinese Yuan more than the US dollar, accounting for 42% of its usage. The figure has overtaken the USD metrics, which account for a mere 35%. With such extensive usage, Russia is anticipated to triple its Yuan trading requirements, exceeding its previous figure of $385 bill...

Cracks are emerging in BRICS as India is showing discomfort with paying the Chinese Yuan to procure oil from Russia. The Indian government is upset over letting state-run refiners like the Indian Oil Company (ICO) settle payments in the Chinese Yuan. India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes reported Reuters. However, the tussle over payments has not disrupted the oil flow and deliveries, officials with knowledge of the matter said. Also Read: US Military Stocks Experience a $100 Billion Wipe Out in 2023 Two finance ministry officials told the news outlet that India is uncomfortable with using the Chinese Yuan for oil payments. They said on the condition of anonymity that payments for seven cargoes are pending with Russia since September. The development comes at a time when BRICS is looking to end reliance on the US dollar. However, India is unhappy with the idea of putting the Chinese Yuan forward for g...

America’s leading home appliance firm Whirlpool is considering settling cross-border transactions in its factory in Argentina using the Chinese Yuan. The U.S. dollar shortage in Argentina is forcing several multinational corporations to depend on the Chinese Yuan for trade settlements. Whirlpool is not alone in its quest to ditch the U.S. dollar in Argentina as the dwindling supply of the greenback is hurting businesses. The move comes at a time when the BRICS alliance is working on the formation of a new currency. The BRICS currency aims to end reliance on the U.S. dollar and the Chinese Yuan is benefitting from the development. Whirlpool is falling prey to the BRICS ploy and the Chinese Yuan is being used instead of the US Dollar. Also Read: BRICS: India Saves $7 Billion by Ditching U.S. Dollar For Oil Trade BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The decision to create a new currency will be jointly taken in the next summit in S...