3 Countries Agree To Launch BRICS Currency To Challenge US Dollar

[superpower]

When most of the Countries ditch USD, what they will do next ?
They will want their Gold back from USA & they predict USA will deny withdrawal

Right now the US are still managing to pay up the interest on treasuries and the capital upon maturity by simply issuing new bonds - because the USD is the reserve currency, meaning many countries are trading in USD and holding the USD in their reserves and so treasuries are a good way to extract income.

When the USD loses that status due to dedollarisation , expect the US to default, because the demand for treasuries will dive. Where are the Americans going to find the money besides printing, which will lead to hyperinflation? That's why countries like Japan and China are now reducing their USD holdings in their reserves.

If and when it happens, a world war is the only way to reset the situation, to prevent the US from becoming a banana republic.

 

[Hypocrite-The]

https://internationalbanker.com/banking/whats-behind-chinas-gold-buying-spree/

What’s Behind China’s Gold-Buying Spree?​

August 14, 2024
By Joseph Moss, International Banker

With prices reaching all-time highs in July above $2,450 per ounce, the gold market has been in fine fettle of late. With a price rally that has now broadly persisted for almost two years, the precious metal has been among the best-performing commodities since late 2022. And with China’s gold-buying frenzy, which began in earnest in November 2022, unlikely to be over just yet—albeit having decisively paused in recent months—further gains for gold remain on the horizon this year.

2023 was a particularly colossal year for the People’s Bank of China (PBoC)-led gold splurge that was observed across the world, a year in which China’s central bank bolstered its gold purchases by a hefty 30 percent. According to the World Gold Council (WGC), central banks led by China purchased 1,037 tonnes (t) (metric tons) of gold last year, with the PBoC buying more gold than all other central banks combined. This buying intensity continued well into 2024, with net purchases of 290 tonnes recorded in the first quarter (Q1) of 2024—the fourth strongest quarter of purchases since the buying streak began in 2022—with China again leading the way.

Indeed, the first quarter’s acquisitions were around 36 percent higher than the quarterly pace of around 213 tonnes implied by J.P. Morgan Research’s annual estimates of 850 tonnes for 2024. “The 70-tonne increase in net purchases versus the fourth quarter of 2023 is also despite a 5 percent quarter-on-quarter increase in the average price of gold,” the bank’s research division wrote on July 15, while the WGC also recorded a 29-tonne boost in China’s net gold purchases for the first half of 2024, which raised its total holdings by 1.3 percent.

So wat is the total gold reserves of chicons land Vs USA?

https://www.madisontrust.com/information-center/visualizations/which-world-countries-have-the-most-gold/#:~:text=How much gold does the,gold reserves in the world.

And if trump gets back in, he will make the USA the biggest oil producer, n USA can also export refined oil products. The usd will be backed by oil n the world needs oil ....so I will not dissed the USD...just yet

 

[myfoot123]

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

You want Rupee?

 

[zhihau]

One question: this new BRICS currency on blockchain?

 

[syed putra]

 

[congo9]

You want Rupee?

I tell you lor.
If you want to send your money out from India to anywhere else.

It's virtually impossible. How can it be possible to become virtually?

 

[myfoot123]

I tell you lor.
If you want to send your money out from India to anywhere else.

It's virtually impossible. How can it be possible to become virtually?

Modi will use RMB. What choice does he has for India?

 

[congo9]

Modi will use RMB. What choice does he has for India?

It's better to hold USD.
If there's a BRIC, the manufacturer in the entire block will be China.

 

[myfoot123]

It's better to hold USD.
If there's a BRIC, the manufacturer in the entire block will be China.

So you suggestion Modi put all eggs in one basket? Once America decided to drop the ball on India for being disobedient nation, the CECAland will become LPPL.

 

[superpower]

 

[syed putra]

It's better to hold USD.
If there's a BRIC, the manufacturer in the entire block will be China.

The new bricks digital currency will be backed by USD assets I would assume. Maybe commodities. This would mean poor countries with vast untapped resources can include these as their reserve and able to seek loans.

 

[RogerK]

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

The question you should ask is would you trust
1. A currency that is backed by a nation of generally hardworking, peaceful & progressive people or
2. A currency that is backed by $35 Trillion debt and troubled wokeism or
3. A currency that is full of secrecy, proportedly with very strong backing and yet needing to raise GST twice in two years causing boundless stress and hardship.

 

[SeeNanKia]

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.

Great info. But please do not echo the narrative that it is a challenge because nobody are allowed to really eyeball the American ( they won’t allow that).
Let’s put it as an ‘alternative’ and you will possibly be allowed to live peacefully.

 

[congo9]

The question you should ask is would you trust
1. A currency that is backed by a nation of generally hardworking, peaceful & progressive people or
2. A currency that is backed by $35 Trillion debt and troubled wokeism or
3. A currency that is full of secrecy, proportedly with very strong backing and yet needing to raise GST twice in two years causing boundless stress and hardship.

We all have the same issue.
USD is here to stay, unless china wants to clean up it's act and start to play by the rules or else no one will be trusting BRIC and it's currency. BRIC would be headed by China and Russia is now a injured bear needed China to prop up it's ailing defence and economy.

At least US tell you right in the face that they are indebt and they can reign in. But china cannot even bear to tell you how much is their internal debt from village right into national level.

I welcome china to be working with the US for the good of the world.

 

[congo9]

The new bricks digital currency will be backed by USD assets I would assume. Maybe commodities. This would mean poor countries with vast untapped resources can include these as their reserve and able to seek loans.

Hahaha. So at the back of the asset backing, it's USD.

 

[SBFTirak]

One question: this new BRICS currency on blockchain?

hehehe...

 

[k1976]

Gold Reserve of the world
Why Pokkai US hold 2x Gold that Satik China and Russia conbined?

 

[congo9]

The devaluation of PRC RMB is really out of this world.
Pre covid it's 1 sgd to 4.8rmb
2024 , it's 1 sgd to 5.4rmb

Still some prc frogs in the well is still despising $1600 sgd salary with food and housing thrown in.

 

[k1976]

The devaluation of PRC RMB is really out of this world.
Pre covid it's 1 sgd to 4.8rmb
2024 , it's 1 sgd to 5.4rmb

Still some prc frogs in the well is still despising $1600 sgd salary with food and housing thrown in.

Well connected Tiong still have very good life

 

[congo9]

Well connected Tiong still have very good life

I do agree.
I have some recent videos for some well heeled Tiongs to see. He claim that it's old video and still deny that the video is being cut and edited to suit foreign media narrative.

I don't know what to tell him.
You think people still have