There are several events that are challenging the dominance of the US dollar in the global economy. These events include:
Saudi Arabia and China agreed to build a refinery using the Chinese Yuan instead of the US dollar, which could reduce demand for the US dollar in the global market.
China and France completed the first LNG trade using the Chinese Yuan, suggesting a shift towards using the Yuan for international trade.
Russia considering using the Chinese Yuan as a reserve currency, while China and Brazil agree to use it for trade settlements instead of the US dollar.
Saudi Arabia considering accepting the Chinese Yuan for oil sales.
BRICS countries announcing the development of a new currency.
The President of Kenya encouraged citizens to get rid of US dollars.
India settled trade in Indian rupees with certain countries rather than the US dollar.
The Chinese Yuan surpasses the Euro to become Brazil's second-largest currency in foreign reserves.
Russia holds 33% of all reserves in the Chinese Yuan according to IMF data.
China and Russia agreed to use the Chinese Yuan as a settlement currency.
Russian companies issued bonds in Yuan worth over $7 billion last year.
Meanwhile, the regional banking crisis has led to billions of US dollars being invested in crypto and gold. Since March 10th, Bitcoin is up 45% and gold is set to break $2000/oz. Over $225 billion has been withdrawn from US banks in just 2 weeks.
Saudi Arabia and China agreed to build a refinery using the Chinese Yuan instead of the US dollar, which could reduce demand for the US dollar in the global market.
China and France completed the first LNG trade using the Chinese Yuan, suggesting a shift towards using the Yuan for international trade.
Russia considering using the Chinese Yuan as a reserve currency, while China and Brazil agree to use it for trade settlements instead of the US dollar.
Saudi Arabia considering accepting the Chinese Yuan for oil sales.
BRICS countries announcing the development of a new currency.
The President of Kenya encouraged citizens to get rid of US dollars.
India settled trade in Indian rupees with certain countries rather than the US dollar.
The Chinese Yuan surpasses the Euro to become Brazil's second-largest currency in foreign reserves.
Russia holds 33% of all reserves in the Chinese Yuan according to IMF data.
China and Russia agreed to use the Chinese Yuan as a settlement currency.
Russian companies issued bonds in Yuan worth over $7 billion last year.
Meanwhile, the regional banking crisis has led to billions of US dollars being invested in crypto and gold. Since March 10th, Bitcoin is up 45% and gold is set to break $2000/oz. Over $225 billion has been withdrawn from US banks in just 2 weeks.