Russia, China Confirm They Have Stopped Using US Dollar Permanently
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Russia and China have declared a dramatic breakup with the US dollar. Now, 90% of their trade is conducted using their own currencies, the Russian ruble and Chinese yuan. This decision was reinforced during a high-level discussion between Russian President Vladimir Putin and China’s Xi Jinping, which focused on strengthening the BRICS alliance and advancing their mutual interests without the American currency. Both leaders have committed to nurturing what they call a “comprehensive partnership and strategic operation.” For the better part of three years now, the BRICS nations have been advocating for de-dollarization (dethroning the US dollar), believing that it is the best thing to do not just for their economies but for the global economy at large. De-Dollarization Has Been Beneficial Putin highlighted the positive outcomes of ditching the US dollar, noting an improvement in trade dynamics between the two nations. “Ditching the USD has simplified our trade transactions and also strengthened our economic sovereignty.” Vladimir Putin https://www.cryptopolitan.com/wp-content/uploads/2024/05/nHdbIJG7kKPcjBpT.mp4 This move is also a strategy to encourage other BRICS nations to follow suit, setting a precedent for the entire global economy to move away from the US dollar for good. Putin has said that he seeks to undermine the US dollar’s traditional dominance and free BRICS economies from external pressures or sanctions, particularly those caused by Western countries. A Unified BRICS Currency is Still in The Works One of the most ambitious aspects of the BRICS’ financial strategy is the potential creation of a common currency for the bloc, and according to Putin, the plans for that are still very much underway. This idea was discussed extensively during the 14th BRICS Summit, during which the Russian president announced plans to explore a “new global reserve currency,” which would operate alongside the national currencies already in use. Also Read: Falling U.S. Inflation Stumbles…
Filed under: News - @ May 21, 2024 10:24 am