The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the 🇺🇸 US dollar.
🇷🇺 Russia and 🇨🇳 China are trading in their own currencies.
Beijing, 🇦🇷 Argentina and 🇧🇷 Brazil have also dropped the dollar in bilateral trade.
The 🇦🇪 UAE is selling China its gas in yuan, through a French company.
🇧🇩 Bangladesh pays a Russian nuclear power company in Russian rubles, ditching the U.S dollars.
🇵🇰 Pakistan and 🇮🇳 India are trading with Russia in rubles and their local currencies.
Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems.
🇰🇪 Kenya is buying Persian Gulf oil with its own currency.
Even the Financial Times newspaper has acknowledged that a “multipolar currency world” is emerging.
When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries’ bilateral trade is already conducted in the ruble and renminbi.
“It is important that our national currencies are increasingly used in bilateral trade“, Putin said. “We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries’ markets”.
The Russian leader added, “We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America”.
Just a week after Xi’s trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE.
The deal was negotiated between the state-owned China National Offshore Oil Company and the French company TotalEnergies, meaning European firms are now willing to conduct transactions in yuan.
French media outlet RFI described the trade as a “major step in Beijing’s attempts to undermine the US dollar as universal ‘petrodollar’ for gas and oil trade”.
The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged “multi-currency pricing, settlement and cross-border payment”.
On March 30, China and Brazil (the world’s most populous and sixth-most populous countries) announced they had come to an agreement to trade with each other in their local currencies, yuan and reais.
China’s media network CGTN reported, “The deal will enable China, the world’s second-largest economy, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar”.
It noted that China is Brazil’s biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade.
Brazil’s leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur.
Read your article again. I was in Dubai last week and it's Dollar I used to change. That they are trading with China in their currency doesn't mean the whole world. We collected loan from China in Dollar. They will collect loans from world bank in Dollar. Sentiments is counter intelligent
The reason the dollar has stood the test of time as the currency of the world is because of the relative stability and size of the American economy. No other single country has been able to replicate that. The Chinese and Russian economies (and politics) are not so stable. And can be easily manipulated by the authorities and external factors.
Nope.
It's because they've been the pre-eminent superpower with full-spectrum dominance foreign policy that actively seeks to tank all peer competitors.
That is changing.
And the world will not overwhelmingly replace the dollar with another national currency. These changes to trading in national currencies are transient until an alternative to the IMF/BIS is set up to institute a global reserve currency tied to a basket of national currencies, commodities, and industrial output used exclusively for international trade settlement.
A proto form of this is the IMF's SDR. But what is being proposed by the Global South goes farther.
Today a lot of trade still go through the $. An increasing share are done in national currencies. The latter is inefficient.
In the future, a monetary unit issued by a politically apathetic multilateral institution (not one beholden to just one country or region) will replace most of the trade, maybe with the exception of trade within the Western Hemisphere. This will require a lot of planning and coordination. It should take at least a decade to set up.
The major trouble with this is that the BRICS countries are not treating this as existential just yet. China is dragging her feet. India has no interest in forcing the issue. Russia has her hands full. Brazil has never demonstrated global leadership. Iran and the Saudis have credibility issues. Nigeria doesn't have steady power in 2023.
And so we all just seem to be getting dragged inevitably in the right direction but in a haphazard rather than calculated manner. But make no mistake, the US$ supremacy is drawing to a close. That horse has bolted out of the barn. And the US is preparing quite well for it.
The smattering of sanctions on Russia and China will gargantuanly increase going forward. Anyone that joins them in this historic task will be sanctioned to hell as well. Sanctions are losing their efficacy, but they do have a non-negligible impact on economic growth. In any case, with regulations like the IRA and CHIPS Act, the US is getting ready to stay competitive when the world bifurcates into two or more economic zones. And it has all the labor it'll ever need streaming in through the Southern Border and the hyper-selective immigration programs for high skilled entrants.
Nothing ever stays the same in geopolitics. Everyone is preparing contingencies while the likes of Nigeria and most African countries are napping. Tomorrow when the new winners start flexing and dunking on the continent, we'd smuggle AKs and start calling ourselves freedom fighters.
There'll be belt-tightening in the US's future. That is sacrosanct. And many of the Global South states are going to explode in terms of economic opportunities and prosperity. It has started BTW.
Now, on the question of whether the world will become safer, more egalitarian, or culturally respectful? LOL. F*ck no! We're going back to Medieval times when everyone lived in the shadow of whoever was dominant in their region. It's going to be the Monroe Doctrine writ large.
The US can do whatever it fancies in the NA continent. But in the Indian sub-continent (South Asia), it'll be all India. In Central Asia and the Caucasus, Russia will be USSR is everything but name. East Asia will be China's playground, although Japan/South Korea/Indonesia will secure concessions. Brazil, UK, France, Germany, even Poland will become more assertive in their respective "spheres of influence" as the US global power recedes.
kenny714433: But how the USA made its currency acceptable by all countries need to be studied. Forget it, the USA was/is very good at what they do.
The juju they did is about expiring and everyone's eyes are now open but I doubt any significant effects will be felt by USA. The structure is too huge to dismantle or it will take years.
My dear USA, what have the world done to you...
World Bank.
The article is rubbish. People just read the headlines and started comments.
They only accept their currencies when dealing with some countries. For instance they will collect loan from world bank in dollar and deposit there in dollar
Mankindman: The question? The strength of the US $ is rooted in the vibrant and liquid NYSE, technological innovation, human resources and Agriculture.
The strength of the Chinese Yuan is in Chinese exports and the population. The strength of Saudi Arabia Riyadh is in Oil and tourism/pilgrimage The West will always be the West. Innovation rule the World. Underate the Americans at your peril. US trust herself, her economy, her military and allies.These are the determinlnant of US$ strength. Nigeria as a nation should identify with the West. The benefits will far outweigh any perceive misconception. If our leaders can put Nigeria in order, in terms of Rule of law, security and electricity, most of the American manufacturers will dump the BRICS and establish industries in Nigeria. The hidden agenda and utmost goal of China is to re-colonise Africa. The Chinese target in Brazil is Agriculture, they plan to use Brazil as an alternative food basket for their population. Time will tell if the BRICS will survive inequality of resource distributions.
Fools will just open their mouth and be talking nonsense.
- The West set up white minority government in Zimbabwe and transferred all land to Europeans....same in south africa and namibia...
- The west beheaded so many African leaders and sent their heads to England to perform demonic rituals on them.....
- you don't know history....if you did you would know Africa should run away from the west....
Lose rest of the world ? You guys are dumb as fuq, where do you get your stats from . I was a having a discussion with a serb a few days ago. You need to see her reaction immediately I mentioned Russia The rest of Europe fuqing hate Russia now. Forget all those propaganda you see on telegram.
I will still tell you the same. Forget the propaganda of the West. The world is not Europe or the West.
The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the 🇺🇸 US dollar.
🇷🇺 Russia and 🇨🇳 China are trading in their own currencies.
Beijing, 🇦🇷 Argentina and 🇧🇷 Brazil have also dropped the dollar in bilateral trade.
The 🇦🇪 UAE is selling China its gas in yuan, through a French company.
🇧🇩 Bangladesh pays a Russian nuclear power company in Russian rubles, ditching the U.S dollars.
🇵🇰 Pakistan and 🇮🇳 India are trading with Russia in rubles and their local currencies.
Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems.
🇰🇪 Kenya is buying Persian Gulf oil with its own currency.
Even the Financial Times newspaper has acknowledged that a “multipolar currency world” is emerging.
When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries’ bilateral trade is already conducted in the ruble and renminbi.
“It is important that our national currencies are increasingly used in bilateral trade“, Putin said. “We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries’ markets”.
The Russian leader added, “We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America”.
Just a week after Xi’s trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE.
The deal was negotiated between the state-owned China National Offshore Oil Company and the French company TotalEnergies, meaning European firms are now willing to conduct transactions in yuan.
French media outlet RFI described the trade as a “major step in Beijing’s attempts to undermine the US dollar as universal ‘petrodollar’ for gas and oil trade”.
The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged “multi-currency pricing, settlement and cross-border payment”.
On March 30, China and Brazil (the world’s most populous and sixth-most populous countries) announced they had come to an agreement to trade with each other in their local currencies, yuan and reais.
China’s media network CGTN reported, “The deal will enable China, the world’s second-largest economy, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar”.
It noted that China is Brazil’s biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade.
Brazil’s leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur.
It's because they've been the pre-eminent superpower with full-spectrum dominance foreign policy that actively seeks to tank all peer competitors.
That is changing.
And the world will not overwhelmingly replace the dollar with another national currency. These changes to trading in national currencies are transient until an alternative to the IMF/BIS is set up to institute a global reserve currency tied to a basket of national currencies, commodities, and industrial output used exclusively for international trade settlement.
A proto form of this is the IMF's SDR. But what is being proposed by the Global South goes farther.
Today a lot of trade still go through the $. An increasing share are done in national currencies. The latter is inefficient.
In the future, a monetary unit issued by a politically apathetic multilateral institution (not one beholden to just one country or region) will replace most of the trade, maybe with the exception of trade within the Western Hemisphere. This will require a lot of planning and coordination. It should take at least a decade to set up.
The major trouble with this is that the BRICS countries are not treating this as existential just yet. China is dragging her feet. India has no interest in forcing the issue. Russia has her hands full. Brazil has never demonstrated global leadership. Iran and the Saudis have credibility issues. Nigeria doesn't have steady power in 2023.
And so we all just seem to be getting dragged inevitably in the right direction but in a haphazard rather than calculated manner. But make no mistake, the US$ supremacy is drawing to a close. That horse has bolted out of the barn. And the US is preparing quite well for it.
The smattering of sanctions on Russia and China will gargantuanly increase going forward. Anyone that joins them in this historic task will be sanctioned to hell as well. Sanctions are losing their efficacy, but they do have a non-negligible impact on economic growth. In any case, with regulations like the IRA and CHIPS Act, the US is getting ready to stay competitive when the world bifurcates into two or more economic zones. And it has all the labor it'll ever need streaming in through the Southern Border and the hyper-selective immigration programs for high skilled entrants.
Nothing ever stays the same in geopolitics. Everyone is preparing contingencies while the likes of Nigeria and most African countries are napping. Tomorrow when the new winners start flexing and dunking on the continent, we'd smuggle AKs and start calling ourselves freedom fighters.
There'll be belt-tightening in the US's future. That is sacrosanct. And many of the Global South states are going to explode in terms of economic opportunities and prosperity. It has started BTW.
Now, on the question of whether the world will become safer, more egalitarian, or culturally respectful? LOL. F*ck no! We're going back to Medieval times when everyone lived in the shadow of whoever was dominant in their region. It's going to be the Monroe Doctrine writ large.
The US can do whatever it fancies in the NA continent. But in the Indian sub-continent (South Asia), it'll be all India. In Central Asia and the Caucasus, Russia will be USSR is everything but name. East Asia will be China's playground, although Japan/South Korea/Indonesia will secure concessions. Brazil, UK, France, Germany, even Poland will become more assertive in their respective "spheres of influence" as the US global power recedes.
-Lord
UK will not be dominant anymore and will have no further spheres of influence....that evil country eventually will become the poor peasants they actually are....
Your name is rubbish indeed, china has a production capacity that is 10 times bigger than that of USA, 100% of the world can do without USA goods. Which stupid innovation is dollar backed with,why don't you name them, we're talking about a gold backed currency this one is capping nonsense, ignoramus like you think USA is what Hollywood shows it to be. Without Petro dollar the dollar is more useless than naira, and Saudi Arabia is going to dump them very soon
First stop ranting like a mad man, it will not in any way affect the US dollar, who pass u don pass u, I don't see all these needless envy & comparison BTW China & US because u yourself will choose to live in USA over China. China has a 10 times bigger capacity of producing fake products than USA? Abi? U can do without USA products, but not everyone can do without it, because not everyone enjoys using substandard products. The US is the world's largest economy and has the most liquid financial markets, so any country choosing to adopt her own currency for global international transactions is her loss. You don't know the US is doing u a favour.
sslcrypt: This is very funny, when china itself have 70% of it assets in USD? and just imagine the news source, CGTN a Chinese state television tasked with spreading government propaganda.
Many Nigerians are so immersed in anti-Americanism that they're willing to swallow any old nonsense that plays to their prejudices, however transparent. The same people who believe CNN, The New York Times and the BBC are all propaganda organs have no problem accepting brazen lies from Chinese state media, RT or Fox "News" as gospel.
Righteousness2: If you really want to know or you want to have a grasp of what is playing out in the world today, you MUST be a student of the Word of God, the Holy Bible.
Like I have always said here, America aka Nomerica is the "Mystery Babylon" described by John the Beloved in the book of Revelation. What we seeing now is the physical manifestation of what has happened spiritually.
Nomerica is right now under the judgement of the Most High GOD. A nation that has turned her back on God right from the leadership . It is doom! Doom! Doom! Whatever is happening now is nothing compared to What is coming. Read Revelation 18 to understand what is coming on her.
For the people of God there and those states that refused to sign those satanic laws of lgbt, abortion, transgender, and confusing little kids on their gender, fear not. God will spare you.
Anytime I see people quoting bible in political matter i immediate understand they are trying to be manipulative.
You are a typical dull nairalander. Microsoft and Apple's largest manufacturing plants are in China. Are you people not ashamed of your ignorance?
See how f00lish u will continue to be? These companies u just mentioned now, are they originally America tech companies or Chinese tech? Who are the inventors? All these una envy will do u no good. America world position is divine & no nation can trump it. Because Mark now decide to establish one Facebook control center in Nigeria, can now make u compare Nigeria to USA? Who are the inventors of Microsoft & apple products? Are they Chinese?
sslcrypt: This is very funny, when china itself have 70% of it assets in USD? and just imagine the news source, CGTN a Chinese state television tasked with spreading government propaganda.
I no even know say na cgtn. Those ones na to dey promote China! The op sef na Russia bot,an anti west.
What people don't understand is that it wouldn't be easy for countries to dump the US dollar for Chinese or Russian currency. The global reserve currency is a designation that is typically given to the currency of the world's largest economy. The US dollar has held this designation for many years, and there is no indication that this will change anytime soon. The reason for this is because the US dollar is backed by the world's largest economy and most powerful military. The US dollar is also liquid and widely accepted around the world, making it a desirable currency to own.
China and Russia are both large economies, but they are not as powerful as the US economy. In addition, their currencies are not as liquid and widely accepted as the US dollar. This makes it difficult for them to challenge the US dollar as the global reserve currency.
ovieigho: Be jubilating As if you can live happily in China ..🤣
I remembered Nigerians that absconded during Russia 2014 World Cup !! Body tell them before they cried for self deportation
I wonder why people hate USA that have done so much for the world ….
They do and collect... I dey vex for them where Africa dey. They conspire with UK to install stupid leaders in Africa and milk the continent through the idiots
Righteousness2: If you really want to know or you want to have a grasp of what is playing out in the world today, you MUST be a student of the Word of God, the Holy Bible.
Like I have always said here, America aka Nomerica is the "Mystery Babylon" described by John the Beloved in the book of Revelation. What we seeing now is the physical manifestation of what has happened spiritually.
Nomerica is right now under the judgement of the Most High GOD. A nation that has turned her back on God right from the leadership . It is doom! Doom! Doom! Whatever is happening now is nothing compared to What is coming. Read Revelation 18 to understand what is coming on her.
For the people of God there and those states that refused to sign those satanic laws of lgbt, abortion, transgender, and confusing little kids on their gender, fear not. God will spare you.
I always respect your stand on spiritual matters... The Babylon is not america rather it is false religion empire. Which comprises all false religion on earth. Talking of America in revelation...Read the character of the Seventh horn or book of Daniel you will see clearly where America is placed amongst the 7nations that ruled the world.
ovieigho: Be jubilating As if you can live happily in China ..🤣
I remembered Nigerians that absconded during Russia 2014 World Cup !! Body tell them before they cried for self deportation
I wonder why people hate USA that have done so much for the world ….
Russia and China pay people in different countries to post anti-American comments on blogs. The objective is to influence public opinion.
I'd rather live in a world led by the US than one led by autocratic states like China and Russia.
USA isn't a perfect country, we all know this. Its invasion of Iraq stained its reputation. Many prominent Americans criticized the Bush administration for the war. Guess what? None of them disappeared mysteriously.
Criticise Russia or China and you will be disappeared. A society that tolerates criticism is better than one that doesn't.
Gbogbowa: my brother dont mind them Dollar will still beat them, most people travel to usa for many reason and send dollar back home, how many people travel and stay in china compare to USA they are just foolin ghemselves
Don't undermine that move they have implications on the US economy..... Hyperinflation could hit the US soon
The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the 🇺🇸 US dollar.
🇷🇺 Russia and 🇨🇳 China are trading in their own currencies.
Beijing, 🇦🇷 Argentina and 🇧🇷 Brazil have also dropped the dollar in bilateral trade.
The 🇦🇪 UAE is selling China its gas in yuan, through a French company.
🇧🇩 Bangladesh pays a Russian nuclear power company in Russian rubles, ditching the U.S dollars.
🇵🇰 Pakistan and 🇮🇳 India are trading with Russia in rubles and their local currencies.
Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems.
🇰🇪 Kenya is buying Persian Gulf oil with its own currency.
Even the Financial Times newspaper has acknowledged that a “multipolar currency world” is emerging.
When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries’ bilateral trade is already conducted in the ruble and renminbi.
“It is important that our national currencies are increasingly used in bilateral trade“, Putin said. “We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries’ markets”.
The Russian leader added, “We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America”.
Just a week after Xi’s trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE.
The deal was negotiated between the state-owned China National Offshore Oil Company and the French company TotalEnergies, meaning European firms are now willing to conduct transactions in yuan.
French media outlet RFI described the trade as a “major step in Beijing’s attempts to undermine the US dollar as universal ‘petrodollar’ for gas and oil trade”.
The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged “multi-currency pricing, settlement and cross-border payment”.
On March 30, China and Brazil (the world’s most populous and sixth-most populous countries) announced they had come to an agreement to trade with each other in their local currencies, yuan and reais.
China’s media network CGTN reported, “The deal will enable China, the world’s second-largest economy, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar”.
It noted that China is Brazil’s biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade.
Brazil’s leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur.
Traditionally, the World Bank Group president has always been an American citizen nominated by the United States, the Bank's largest shareholder and the IMF's managing director has been a European citizen.[1] While most World Bank Group presidents have had economic experience, some have not.[2]
your so called world bank has nothing compared to Russian gas.....Russian wealth reserve is half the world's....that why the sodom and gommorrah loving west envy them
Righteousness2: If you really want to know or you want to have a grasp of what is playing out in the world today, you MUST be a student of the Word of God, the Holy Bible.
Like I have always said here, America aka Nomerica is the "Mystery Babylon" described by John the Beloved in the book of Revelation. What we seeing now is the physical manifestation of what has happened spiritually.
Nomerica is right now under the judgement of the Most High GOD. A nation that has turned her back on God right from the leadership . It is doom! Doom! Doom! Whatever is happening now is nothing compared to What is coming. Read Revelation 18 to understand what is coming on her.
For the people of God there and those states that refused to sign those satanic laws of lgbt, abortion, transgender, and confusing little kids on their gender, fear not. God will spare you.
Leebeedo: Na today? It is very surprising that most of you do not know the implications of this event but continue to spew thrash. British pounds isn't the world's trading currency yet, it has the highest value in the world.
Kwaiti dinar is the hardest currency in the world.
ovieigho: Be jubilating As if you can live happily in China ..🤣
I remembered Nigerians that absconded during Russia 2014 World Cup !! Body tell them before they cried for self deportation I wonder why people hate USA that have done so much for the world ….
Yes you're right. Done so much for the world to serve the devil. Because the world belongs to the devil.
.