The global shift away from the US dollar continues to gain momentum within BRICS trade, with a significant pivot toward the Chinese renminbi. As China strengthens its economic ties with Russia, its currency is rapidly becoming a preferred choice in international transactions, signaling a bold move towards de-dollarization.
Recent data reveals that in July, over half (53%) of China's cross-border transactions were conducted in renminbi, a significant rise from 40% just two years ago. This shift is a clear indicator of China's strategic push to reduce dependency on the US dollar. It’s no wonder the Federal Reserve is scrambling to stabilize the dollar amidst a challenging high-interest-rate environment.
At the same time, it's fascinating to observe how the U.S. is doubling down on its efforts to dollarize countries like Argentina and expand its influence through dollar-denominated stablecoins in other regions. These are two opposing forces at play, and it remains to be seen how they will ultimately balance out in the global economy.
The rise of the renminbi and efforts to de-dollarize signal a major shift in global finance that has significant implications for the future.
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68 sats \ 0 replies \ @xz 30 Aug
I'm seeing the growing influence in PRC internationally, as people have both complained and parodied about US influence in international affairs. Or sometimes a very long reach in foreign domestic affairs.
Worrying trend when you have a duopoly. Is it better than a monopoly on global power?
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When I see this kind of news or articles, I can only visualize one scenario for the future, the world divided into two factions, on one hand the new growing empire "The BRICS". Which own more than 40% of the planet's population and a significant % in terms of energy, rare earth deposits, food production, supply chain, among others. and on the other hand the old fox "Uncle Sam-USA". The USA is the dominant empire of the current era, although it is already clear that every day it weakens more and loses influence and power, but they are going to fight, they are not going to let themselves be overtaken so easily, obviously they will try to dollarize everyone they can, to continue exporting their inflation outside of American soil, and seek to cover the gap that the BRICS are leaving as they move away from the dollar 💵
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But Bitcoin
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