The International Monetary Fund (IMF) announced on Thursday that countries may use the Chinese yuan to settle their debts with their organization after Argentina paid part of its dues to the IMF in yuan in June.
Read More: Breitbart
Tag Archives: currency
Biden Admin Pushing For Digital Dollar
Strive Asset Management executive chairman Vivek Ramaswamy balked at the possibility of a “central bank digital currency” in the United States during an interview with Fox News host Tucker Carlson.
The entrepreneur rejected the notion that a digital dollar managed by the Federal Reserve would be beneficial for the economy, asserting that the project would instead open citizens to government censorship and surveillance. Ramaswamy also dismissed the idea that adopting such a currency system would render the United States more competitive with China, which has launched a digital yuan and is encouraging residents to pivot toward the new medium of exchange.
Read More: Daily Wire
CHINA AND BRAZIL TO STOP TRADING IN DOLLAR AHEAD OF BRICS SUMMIT
Ahead of the BRICS summit in South Africa, China and Brazil have struck a deal which will see the two emerging economies trade in each others currencies, and not the dollar.
The deal amounts to around $30 billion per year, and is the most significant step the nations have taken to shift the dynamics of global trade away from the dollar.
The BRICS nations (Brazil, Russia, China, India and South Africa) have long sought to change the balance of global trade away form the dollar, which is presently the global reserve currency.
The BRICS summit will also discuss the formation of a new International Development Bank, which they hope will serve as an alternative to the World Bank. The BRICS leaders argue that the establishment of a new development bank would make the global banking system more democratic.
Iran’s Currency Crashing
Signs of public dissatisfaction are appearing in Iran with protests in central Tehran today. Iran’s currency has lost more than 50% of its value in the last week.
Police in the hundreds with anti-riot gear swarmed the capital around the currency exchange district looking for illegal money changers and closing other legally operating venues down, according to witnesses reporting to AFP (Agence France-Presse).
According to the witnesses, many were arrested, smoke was seen in at least two places and stones where being thrown at police.
Ahmadinejad however, blames the sanctions imposed by the USA and European Union for the freefall of their currency but remains defiant and committed to Iran’s nuclear program “We are not a people to retreat on the nuclear issue… If somebody thinks they can pressure Iran, they are certainly wrong and they must correct their behaviour,”.