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Monday, April 24, 2023

De-dollarization 1: trend among countries

See these recent reports on "de-dollarization":

Saudi Arabia Says Open to Settling Trade in Other Currencies
By Abeer Abu Omar and Manus Cranny  January 17, 2023
https://www.bloomberg.com/news/articles/2023-01-17/saudi-arabia-open-to-talks-on-trade-in-currencies-besides-dollar

Global South: Gold-backed currencies to replace the US dollar
The adoption of commodity-backed currencies by the Global South could upend the US dollar’s dominance and level the playing field in international trade.
By Pepe Escobar  January 19 2023
https://thecradle.co/article-view/20532/global-south-gold-backed-currencies-to-replace-the-us-dollar

Why is Dollar System Collapse Inevitable Amid Creation of BRICS Currency?
Oleg Burunov 30.01.2023
https://sputnikglobe.com/20230130/why-is-dollar-system-collapse-inevitable-amid-creation-of-brics-currency-1106818828.html

Why is central bank gold buying at record highs?
Anna Golubova  January 31, 2023 
https://www.kitco.com/news/2023-01-31/Why-is-central-bank-gold-buying-at-55-year-highs.html

Rise of the Petroyuan: The End of the Petrodollar’s Reign and the Impact on Global Markets
by Nick Giambruno
https://internationalman.com/articles/rise-of-the-petroyuan-the-end-of-the-petrodollars-reign-and-the-impact-on-global-markets/

Kenya to Buy Oil Using Local Currency Instead of US Dollars
Roman Sanin 24.03.2023 
https://sputnikglobe.com/20230324/kenya-to-buy-oil-for-local-currency-instead-of-us-dollars-1108756344.html

De-Dollarization Just Got Real
A multi-polar world is bad news for the American Empire but great news for gold
JOHN RUBINO. MAR 28, 2023
https://rubino.substack.com/p/de-dollarization-just-got-real

China completes first yuan-settled LNG trade
by Andrew Hayley March 28, 2023 
https://www.nasdaq.com/articles/china-completes-first-yuan-settled-lng-trade

China Settles First LNG Trade In Yuan
By Tsvetana Paraskova - Mar 29, 2023
https://oilprice.com/Latest-Energy-News/World-News/China-Settles-First-LNG-Trade-In-Yuan.html

China settled its first LNG trade in yuan; but gold remains the bigger winner in the global de-dollarization trend
Neils Christensen March 29, 2023
https://www.kitco.com/news/2023-03-29/China-settled-its-first-LNG-trade-in-yuan-but-gold-remains-the-bigger-winner-in-the-global-de-dollarization-trend.html

ASEAN Finance Ministers and Central Banks Consider Dropping US Dollar, Euro and Yen, Indonesia Calls for Phasing Out Visa and Mastercard
by Chris Devonshire-Ellis  March 29, 2023
https://www.aseanbriefing.com/news/asean-finance-ministers-and-central-banks-consider-dropping-us-dollar-euro-and-yen-indonesia-calls-for-phasing-out-visa-and-mastercard/

China, Brazil Strike Deal To Ditch Dollar For Trade
Agence France Presse. March 29, 2023
https://www.barrons.com/news/china-brazil-strike-deal-to-ditch-dollar-for-trade-8ed4e799

Ex-Goldman chief economist calls on BRICS to challenge USD's dominance as China leads de-dollarization trend
Anna Golubova  March 30, 2023
https://www.kitco.com/news/2023-03-30/Ex-Goldman-chief-economist-calls-on-BRICS-to-challenge-USD-s-dominance-as-China-leads-de-dollarization-trend.html

Alternatives to the U.S. Dollar
By Bruno Venditti  Graphics/Design: Sabrina Lam  March 31, 2023
https://www.visualcapitalist.com/de-dollarization-countries-seeking-alternatives-to-the-u-s-dollar/

India Offers Rupee Trade Option to Nations Facing Dollar Crunch
New Delhi has been pushing to internationalize the rupee
Central bank unveiled plans for rupee settlement last year
By Adrija Chatterjee and Ronojoy Mazumdar.  March 31, 2023
https://www.bloomberg.com/news/articles/2023-03-31/india-offers-rupee-trade-option-to-nations-facing-dollar-crunch

BRICS nations working on ‘fundamentally new currency’: Russian official
The US dollar's hegemony in international markets continues to deteriorate partly due to the Global South's refusal to enforce western sanctions against Russia
By News Desk - March 31 2023 
https://thecradle.co/article-view/23132/brics-nations-working-on-fundamentally-new-currency-russian-official

China, Brazil to trade in local currencies
chinadaily.com.cn | March 31, 2023
http://english.scio.gov.cn/internationalexchanges/2023-03/31/content_85203377.htm#

India, Malaysia can now trade in Indian rupee
April 1, 2023
https://timesofindia.indiatimes.com/india/india-malaysia-can-now-trade-in-indian-rupee/articleshow/99164404.cms

The Dollar Is In Trouble! Here Are 7 Signs That Global De-Dollarization Has Just Shifted Into Overdrive
April 2, 2023 by Michael
http://theeconomiccollapseblog.com/the-dollar-is-in-trouble-here-are-7-signs-that-global-de-dollarization-has-just-shifted-into-overdrive/

Union Bank becomes first to open special vostro account for India-Malaysia trade settlement in rupee
02 Apr 2023
https://www.livemint.com/companies/news/union-bank-becomes-first-to-open-special-vostro-account-for-india-malaysia-trade-settlement-in-rupee-11680420653891.html

Economics expert issues dire warning on ‘serious threat’ faced by US dollar: It’s ‘inevitable’
John Carney predicts the global market is returning to a 'Cold War basis'
By Kayla Bailey April 2, 2023
https://www.foxbusiness.com/economy/economics-expert-issues-dire-warning-serious-threat-faced-us-dollar-inevitable

China’s Yuan Replaces Dollar as Most Traded Currency in Russia
Cooperation with China has deepened as sanctions took effect
Kremlin urges conversion from ‘toxic’ to ‘friendly’ currencies
China Scraps Yuan Peg To US dollar
ByBloomberg News. Updated on April 4, 2023
https://www.bloomberg.com/news/articles/2023-04-03/china-s-yuan-replaces-dollar-as-most-traded-currency-in-russia

China-Brazil Trade Deal Ditches the Dollar
APRIL 4, 2023  BY MICHAEL MAHARREY 
https://schiffgold.com/key-gold-news/china-brazil-trade-deal-ditches-the-dollar/

De-dollarization Has Begun.
Peter C. Earle – April 4, 2023
https://www.aier.org/article/de-dollarization-has-begun/

"No Reason" For Malaysia To Rely On US Dollar, PM Warns As Yuan Influence Grows
Tyler Durden  APR 06, 2023
https://www.zerohedge.com/geopolitical/no-reason-malaysia-rely-us-dollar-pm-warns-yuan-influence-grows

Asian Monetary Fund suggested, as dollar has been weaponized
China Daily | 2023-04-07
http://epaper.chinadaily.com.cn/a/202304/07/WS642f49e7a310777689887ebb.html

Peter Schiff: The World Is Starting to Divest Itself of the Dollar (Interview)
APRIL 11, 2023  BY SCHIFFGOLD
https://schiffgold.com/interviews/peter-schiff-the-world-is-starting-to-divest-itself-of-the-dollar-interview/

Brazil’s Lula calls for end to dollar trade dominance
Leftist president lends his voice to Beijing’s efforts to boost renminbi’s role in global commerce
Brazil’s president Luiz InĂ¡cio Lula da Silva attacked the supremacy of the US dollar in international trade, asking: ‘why can’t we do trade based on our own currencies?’
Joe Leahy in Shanghai and Hudson Lockett in Hong Kong APRIL 13 2023
https://www.ft.com/content/669260a5-82a5-4e7a-9bbf-4f41c54a6143

De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says
Dollar’s reserve currency status has fallen precipitously: Jen
Greenback represents 58% of reserves, down from 73% in 2001
By Matthew Burgess. April 18, 2023
https://www.bloomberg.com/news/articles/2023-04-18/de-dollarization-is-happening-at-a-stunning-pace-jen-says#xj4y7vzkg

Global de-dollarization and the biblical principle of just measures
By Jeremiah Belgica April 20, 2023
https://www.manilatimes.net/2023/04/20/opinion/columns/global-de-dollarization-and-the-biblical-principle-of-just-measures/1887842

De-dollarization is general trend, but ‘de-weaponization of the dollar’ is more urgent
By Liao Zhengrong Apr 21, 2023
https://www.globaltimes.cn/page/202304/1289549.shtml    

Calls to move away from the U.S. dollar are growing — but the greenback is still king
Penny Chen Apr 24 2023
https://www.cnbc.com/2023/04/24/economic-and-political-factors-behind-acceleration-of-de-dollarization.html


See also: Gold reserves, Russia and China stockpiling, December 14, 2019.

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