3 Countries Agree To Launch BRICS Currency To Challenge US Dollar

[gsbslut]

3 Countries Agree To Launch BRICS Currency To Challenge US Dollar

watcher.guru

A new BRICS currency could soon be a reality as three countries have agreed to launch the tender to challenge the US dollar. The BRICS alliance is looking to replace the US dollar with a new currency creating a new world order. The bloc is advancing towards producing a ‘multipolar world’ where the US and its Western allies will no longer have power and control over other nations

Also Read: BRICS: JP Morgan Predicts Future of the US Dollar Against Chinese Yuan

The group is convincing developing nations in Asia, Africa, and South America to ditch the US dollar and embrace the soon-to-be-changing financial world. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar for trade.

Source: AFP
In the latest update, Russia’s former advisor to President Vladimir Putin and economist-turned-politician, Sergey Glazyev, confirmed that the new currency is in the works and is “almost ready”. He explained that three out of the five original founding countries have agreed to launch the new currency.

Also Read: These 25 Countries Are Ready To Join BRICS in 2024

Glazyev stressed that only India and China are yet to give their nod for the formation of a new currency. The politician said that the alliance will go ahead only after other members agree and come to a consensus.

“To launch this currency, we need the political consent of the BRICS countries. Three of which have already expressed their support for the idea,” Sergey Galzyev stated. The Russian politician added, “We are waiting for the reaction of China and India”.

Also Read: BRICS: Investors Bet Indian Rupee Will Rise, US Dollar To Decline

In conclusion, the only thing that’s stopping BRICS from launching their new currency is political consent from India and China. The rest of the three original founding countries Brazil, Russia, and South Africa have agreed to the BRICS currency. The extended new members are yet to come to a common consensus with the BRICS currency.

 

[gsbslut]

5 U.S. Sectors To Be Affected If BRICS Ditches the Dollar For Trade

watcher.guru

The BRICS alliance is looking to suffocate the U.S. dollar by using local currencies to settle cross-border transactions. BRICS members India, China, Russia, the UAE, and Saudi Arabia have already started using local currencies for international trade settlements. China and Russia are advancing in convincing other developing countries to follow suit and cut ties with the U.S. dollar. The move could be devastating to the U.S. economy as America will find it hard to fund its deficit.

Also Read: BRICS: Analyst Predicts Biggest Economic Crash in US History

If the U.S. fails to import the dollar, the currency will circulate back to the homeland and lead to inflation. The move could make prices to skyrocket with housing, rent, and basic daily necessities will turn expensive and unaffordable. In this article, we will highlight the 5 American sectors that could be affected if BRICS ditches the U.S. dollar for trade.

Source: Instagram

A total of 5 U.S. financial sectors could be affected of BRICS stops using the dollar for international trade. The financial sectors that could begin to decline include banking, foreign exchange, tourism, and production. Below is the 5 sectors that will be impacted if the U.S. dollar is not used for settlements among BRICS members.

Also Read: BRICS: $2 Billion Copper Trade To Be Paid In Chinese Yuan, Not US Dollar

1. Banking and Finance
2. Technology and Fintech
3. International Trade and Investment
4. Consumer Goods and Retail
5. Travel and Tourism

First and foremost, the banking and financial sector will be the hardest hit as foreign exchanges will begin to decline. Secondly, BRICS is looking to create their own internet services and not depend on American technology for news and social media. Thirdly, foreign investors will stay away from the U.S. dollar as the debt crisis and deficit will only worsen.

Also Read: BRICS: India Likely Dumped US Dollars To Limit the Rupee’s Loss

In addition, if the U.S. dollar comes back home, the cost of day-today essentials will become further expensive. Finally, tourists will begin to pay local currencies for their travels and leave the U.S. dollar behind. China and Singapore are already making tourists to pay in local currencies in their respective countries and not the U.S. dollar.

In conclusion, BRICS has several schemes up its sleeves that is aimed to hurt the prospects of the U.S. dollar. Moreover, if the Biden-administration does not act quickly to counter BRICS, stopping the dollar’s decline could become much more harder.

 

[realDonaldTrump]

Whether they succeed or not, I don't know.

But I know US will put up a strong fight and use the tools at their disposal - US dollar liquidity, interest rates, etc.
https://www.reuters.com/markets/liq...ebt-gopinath-tells-bloomberg-news-2024-01-17/

In the end, the world has a price to pay.

Dow Jones can crash but they can always recover. But when US Dollar loses their reserve currency status, they are destroyed forever.

 

[congo9]

Reserve currency is a so call a weapon of trust.
Would you trust CNY or rather USD ?

 

[KingFook Sr]

There was a time when I received SG$2.92 for every USD.
I feel so old.

 

[KingFook Sr]

Reserve currency is a so call a weapon of trust.
Would you trust CNY or rather USD ?

Neither.
So better to diversify.
Have both.
.
Including property in Foshan, China.
Buy on the dip.

 

[syed putra]

Neither.
So better to diversify.
Have both.
.
Including property in Foshan, China.
Buy on the dip.

Foshan? I thought it's a polluted sewer just ten years ago.