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Stock markets in China and Hong Kong are witnessing a severe downturn, reaching multi-year lows, as confidence in the world’s second-largest economy dissipates. The alarming situation has prompted Beijing to consider an ambitious multi-trillion market rescue package. This unprecedented decline in Chinese markets has captured global attention, raising questions about the effectiveness of intervention measures. The recent plunge in Chinese stocks has been described as a multi-year low, with foreign investors withdrawing their money amid growing concerns about sputtering economic growth and a deepening real estate crisis. Despite various attempts, including short selling bans and interventions by China’s Plunge Protection...

Bank of China (BOC), one of China's four biggest state-owned commercial banks, opened its first branch in Riyadh, capital of Saudi Arabia, which will further expand the use of the yuan in finance and trade. Experts noted that since the BRICS Summit, members of the bloc have been accelerating the use of local currency settlements in cross-border trade to reduce reliance on the US dollar. The Chinese currency is playing an increasingly important role in facilitating trade and improving efficiency among the BRICS countries, they said. According to an announcement published by the BOC on Wednesday, the bank opened the...

One of the greatest betrayals in our history happened while America slept.. When Biden met with Lula da Silva, the founder of the Marxist Brazil’s Workers’ Party and a convicted criminal, it was a victory lap for both socialists. Lula da Silva, Brazil’s former leader, had survived his bribery conviction and rigged an election that overthrew Jair Bolsonaro: his conservative patriotic predecessor. Biden had survived his own trial by fire during the midterms which locked down the 2024 Democrat nomination. Lula also met with fellow Marxists: Bernie Sanders and Alexandria Ocasio Cortez. Biden and Lula talked of “democracy” and “fighting...

Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration.‘A Multipolar World’Economist Stephen Jen, the CEO of asset management firm Eurizon SLJ, expects multiple currencies will chip away at the U.S. dollar’s dominance. Jen was formerly a managing director at Morgan Stanley in London and a senior economist at the International Monetary Fund (IMF).After stating that the U.S. dollar is losing its world’s reserve currency status at “an alarming pace,” the former...

Argentina's government on Tuesday accused the country's rightwing opposition of fueling a dramatic erosion of the peso against the dollar, and ordered an investigation Buenos Aires, Argentina: Argentina will pay for Chinese imports in yuan instead of US dollars in order to preserve its dwindling foreign reserves, Economy Minister Sergio Massa said on Wednesday. The South American country will be able to "program a volume of imports in yuan worth (the equivalent of) more than $1 billion from next month<" Massa said at a meeting in Buenos Aires with Chinese ambassador Zou Xiaoli. This would "replace" the use of Argentina's...

The battle is on between the dollar and yuan as the world’s reserve currency. Or is there a battle at all?The dollar will remain the world’s top reserve currency—not the yuan any time at all—and for four good reasons to be spelled out in a while.A CNBC report early this year echoed a general sentiment that the greenback is ready for a fall as the top reserve currency by 2015. Meaning, countries will stop using our money to exchange goods, or conversely, we need to change our dollar to another currency to export or import goods.The country’s trillion-dollar debt, the...

The share of Yuan is only 3.5% in global trade. The Currency was accepted by IMF as a Reserve currency considering its growing share in International trade in the year 2016, October 1 st. The progress is appreciable. However the contrast is against US$ that has about 60% market share. Here also it's share in Intl Trade is coming down. The reasons why the Yuan will not topple US$ dominance is simple apart from the current unquestionable lead..They are: # China's economy is a mystery and conceals many things. What it reveals is that which the State decides in the...

The New Development Bank (NDB) established by the five-member BRICS group is offering loans in local currencies, part of its efforts to ditch the use of the U.S. dollar for world trade. NDB President Dilma Rousseff confirmed the move, adding that the financial institution plans to give 30 percent of loans in the local currencies of member nations. The NDB was established in 2014 by the BRICS group – Brazil, Russia, India, China and South Africa – to challenge the U.S.-dominated World Bank. Rousseff, who served as Brazil’s president from 2011 until her impeachment in 2016, took over the NDB’s...

If the Chinese yuan were to become the global reserve currency, it would, in essence, give the CCP the ability to cripple entire nations.In July 1944, 44 delegates from Allied countries came together during World War II in Bretton Wood, New Hampshire. The goal? Devise an international currency system to manage foreign exchange that would disadvantage no country and effectively facilitate post-war rebuilding and commerce. The outcome: The U.S. greenback would be the world’s reserve currency.It has been almost 80 years since, and all nations have been better off with a United States dollar-dominated world. World gross domestic product (GDP)...

I have been getting a lot of questions around the US dollar in recent weeks. De-dollarization seems to be a thing, as do central bank digital currencies, along with the latest round of worries about what the government is going to do to our savings. There is much to talk about, but the root of most of these questions is this: the notion that sometime soon the value of the dollar will collapse, making our savings valueless. Simply put, that collapse can’t happen in the short to medium term, for reasons we will discuss. Once we realize that, it will...

During a three-day state visit, Chinese President Xi Jinping held friendly talks with Russian President Vladimir Putin in a show of unity, as both countries increasingly seek to position themselves as leaders of what they call a “multipolar world order,” one that challenges U.S.-centric alliances and agreements. Among those agreements is the petrodollar, which has been in place for over 50 years. In case you’re wondering, “petrodollars” are not a real currency. They’re simply dollars being used to trade oil. Early in the 1970s, the U.S. government provided economic aid to Saudi Arabia, its chief oil-producing rival, in exchange for...

China's central bank said on Tuesday that it has signed a memorandum of understanding (MOU) on setting up yuan clearing arrangements in Brazil with the Central Bank of Brazil. The establishment of yuan clearing arrangements in Brazil will help Chinese and Brazilian firms and financial institutions with cross-border transactions using the yuan, further facilitating bilateral trade and investment, the People's Bank of China (PBC), the country's central bank, said in a concise statement on its website. The latest yuan clearing plan followed a slew of similar arrangements as the Chinese currency takes on a bigger role in the global foreign...

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By a dusty stretch of the deafening road from Chennai to Bengaluru lie three colossal, anonymous buildings. Inside, away from the din of traffic, is a high-tech facility operated by Foxconn, a Taiwanese manufacturer. A short drive away Pegatron, another Taiwanese tech firm, has erected a vast new factory of its own. Salcomp, a Finnish gadget-maker, has set one up not far away. Farther west is a 500-acre campus run by Tata, an Indian conglomerate. What these closely guarded facilities have in common is their client: a demanding and secretive American firm known locally as “the fruit company”. The mushrooming...

Outbound shipments in October shrank 0.3% from a year earlier, a sharp turnaround from a 5.7% gain in September, official data showed on Monday, and well below analysts’ expectations for a 4.3% increase. It was the worst performance since May 2020. The data suggests demand remains frail overall, heaping more pressure on the country’s manufacturing sector and threatening any meaningful economic revival in the face of persistent COVID-19 curbs, protracted property weakness and global recession risks. Chinese exporters weren’t even able to capitalize on a further weakening in the yuan currency and the key year-end shopping season, underlining the broadening...

Russia previously insisted on completing payments in rubles. Russia appeared to narrowly avoid default on Friday as it paid off a number of overdue international debts in dollars, reversing its recent policy requiring transactions occur in rubles. The finance ministry said it paid $564.8 million on a 2022 Eurobond and $84.4 million on a 2042 bond in dollars, as specified on the bonds, Reuters reported.

China in July purchased 80.1 tons of gold valued at $4.6 billion China and Russia may be working toward a new gold-backed currency in a move that would aim to dethrone the dollar as the primary reserve currency of the world, but any such currency would unlikely achieve that goal. "The USD remains the safest, most convenient and most widely used currency in Asia and in the world today," Min-Hua Chiang, a research fellow and economist at the Heritage Foundation’s Asian Studies Center, told FOX Business. "No other currency (backed by gold or otherwise) is comparable, and that is unlikely...

Vietnam's Lê Thành, the self-proclaimed 'King of VGA,' is having some fun on Facebook(opens in new tab) (via I_Leak_VN(opens in new tab)). In photos and videos shared on the social media site, it looks like the store has started to use street trader tactics to grab passersby and sell them GPUs by the kilo. Lê Thành shared pictures of dozens of used GPUs stacked up on the curbside in a clear parody of a Vietnamese street food stall. There is also a video with the vendor patiently waving away flies with a net, awaiting passersby. Then, a scooter stops, and...

It's official! Russian Central Bank announces that the ruble is tied to gold! 5000 rubles per gram. The Central Bank of Russia has officially announced that the Russian ruble will be tied to gold as of March 28, 2022, The rate is 5,000 rubles per gram of gold ingots. There are 28 grams in each ounce. 28 grams for 5,000 rubles per gram is 140,000 rubles. Are you following me this far? The conversion rate of rubles into US dollar is 100 rubles, 90 pounds, for each US dollar. If the rubles are tied to gold at 5000 rubles per...

Rep. Alex Mooney proposes the United States adopt a new gold standard after U.S. government officials first disclose all gold holdings and secret gold transactions, allowing the gold price to adjust to its fair market value. WASHINGTON, DC / ACCESSWIRE / October 9, 2022 / America's currency would regain stable footing for the first time in half a century if a bill just introduced by U.S. Representative Alex Mooney (R-WV) becomes law. Referred to as the "Gold Standard Restoration Act" by sound money activists, H.R. 9157 calls for the repegging of the Federal Reserve note to gold in order to...