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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Multiple efforts to end the dollar's domination of the global market.. You know it

    Rocky
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    Multiple efforts to end the dollar's domination of the global market.. You know it Empty Multiple efforts to end the dollar's domination of the global market.. You know it

    Post by Rocky Fri 03 Feb 2023, 9:17 am

    [size=30]Multiple efforts to end the dollar's domination of the global market.. You know it
    [ltr]2023.02.03 - 17:52[/ltr]
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    Multiple efforts to end the dollar's domination of the global market.. You know it 0c1d261d1-101371-202302030552
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    Baghdad - Nas  
    While Russia and Iran are planning a gold-backed stable currency for the two countries' trade operations, Brazil and Argentina are seeking a common currency. In this report, we review the top 5 growing threats that could undermine the dominance of the US dollar in global trade.  
      
      
      
    For decades, the US currency has been the dominant reserve currency in the world and is widely used in cross-border trade, especially for commodities such as oil. Thanks to its relative price stability, investors see it as a safe asset in times of heightened economic and geopolitical uncertainty.  
      
    However, the situation began to change with the escalation of tensions between China and the United States over Taiwan, and the harsh and successive waves of sanctions that the Russian economy was subjected to in response to the Russian invasion of Ukraine. China and Russia, along with the rest of the allies in the BRICS group, are seeking to get rid of the dollar's hegemony in the joints of finance and trade at the global level, and are searching for a more suitable alternative for their economy on their way towards creating a new global pole competing for the American monopoly in controlling the global economy since the end of the Cold War.  
      
    In the past few years, the BRICS group, which includes China, Russia, India, Brazil and South Africa, along with other countries such as Iran and Argentina, has tended to settle more of its trade transactions in local currencies. They laid out plans ranging from the use of local currencies, to a gold-backed stablecoin, to a new reserve currency being discussed by the BRICS group, according to Business Insider.  
      
    Growing threats  
    From local currencies to the gold-backed currency that Russia and Iran intend to use in their intra-trade transactions, and from the common currency that will conduct transactions between Brazil and Argentina to the BRICS reserve currency, the US dollar is under increasing threats that will shake its dominance in world trade. Here are the top 5 threats:  
      
    1- The common currency of Brazil and Argentina  
      
    Brazil and Argentina recently announced that they are preparing to launch a common currency, called "SUR" (South), which could eventually become a euro-like project embraced by all of South America, according to Business Insider.  
      
    The leaders of the two countries said in a joint statement that the single currency can help boost trade in South America, as it avoids transfer costs and uncertainty over the exchange rate. This could erode the dollar's dominance in the region, given that the dollar accounted for up to 96% of trade between North and South America from 1999 to 2019, according to Federal Reserve data.  
      
    2- The currency of Russia and Iran backed by gold  
      
    Russia and Iran are working together to create a gold-backed cryptocurrency - a "stable currency" that could replace dollars in payments in international trade. But the project can only move forward after Russia's digital asset market is fully regulated, according to a Moscow lawmaker quoted by Business Insider.  
      
    The two countries, which have both been hit by Western sanctions, want to issue a "token of the Persian region" for use in cross-border transactions, with a plan to launch it in a special economic zone in Astrakhan in southern Russia, the area that actually handles Iranian shipments. .  
      
    In recent months, Russia and Iran have stepped up their "de-dollarization" efforts, according to the Jamestown Foundation think tank, which said the two countries aim to increase their trade volume to $10 billion annually through steps such as developing an international payments system alternative to SWIFT, which they cannot afford. Access to it by Western ban.  
      
    3- The rupee in trade between India and the UAE  
      
    The UAE and India signed a free trade agreement last year with the goal of increasing non-oil transactions to $100 billion by 2027. Meanwhile, the UAE and India have floated the idea of ​​conducting intra-oil non-oil trade using the rupee.  
      
    China is also considering settling non-oil trade in local currencies that exclude the dollar, according to UAE Minister of State for Foreign Trade Thani bin Ahmed al-Zeyoudi, according to Business Insider.  
      
    4- The yuan in oil trade  
      
    On the other hand, China is looking to weaken the dollar via the yuan to replace the dollar in oil deals, in light of its increased trade with Russia after its invasion of Ukraine.  
      
    This move appears to eliminate the petrodollar system in place since the 1970s, which largely requires global oil transactions to be settled in dollars. Late last year, Beijing began buying Moscow's crude at deep discounts, supplementing those purchases with yuan instead of dollars, giving rise to the so-called "Petroyuan".  
      
    As the dollar rises, oil contracts become more expensive because the deals are largely denominated in the US currency, which also explains China's shift away from the dollar.  
      
    For his part, Victor Katona, an analyst at "Kpler," said that Russia has turned into "an Asian country and introduced the yuan currency in the large-scale oil trade, in my view."  
      
    5- BRICS reserve currency  
      
    Last year, Russia and China began talks to develop a new reserve currency with other BRICS nations in defiance of the dollar's hegemony. It is a step that comes within the efforts of Russia and China to create an international balance in the global economic system that is dominated by the United States with its fiscal and monetary policies.  
      
    It is expected that the new reserve unit will depend on a basket of currencies from the members of the group: Brazil, Russia, India, China and South Africa. He plans to provide a basket of currencies as an alternative to the International Monetary Fund, which is dominated by the United States  
      
    According to the International Monetary Fund, the era of the dollar as the main reserve tender is already winding down as central bankers diversify their holdings into currencies such as the Chinese yuan, Swedish krona and South Korean won.  
      
      
    Source: TRT Arabic  
    https://www.nasnews.com/view.php?cat=101371

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