DeFI News by Thebittimes.Com

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...

The BRICS Pay system is receiving interest from the European Union, countries from South America, and Africa. The alliance is strategically expanding its global footprint by allowing many countries to join the payment system. Not just countries, the bloc is partnering with fintech entities, banks, and technological firms to strengthen the payment mechanism. Andrey Mikhaylishin, co-founder of the BRICS Pay project, confirmed that they’re receiving interest from all over. “We observe considerable inbound interest from the European Union, Latin America, and Africa,” he said. Mikhaylishin is eyeing Africa closely as over 1.5 billion people lack access to traditional payment cards. Also Read: How the US Plans to Counter BRICS De-Dollarization Agenda Africa Could Make BRICS Pay Grow Stronger Source: Valery Sharifulin (TASS) The demography represents a significant opportunity for BRICS Pay to grow and gain control of the African continent. It could become a pivotal financial technology e...