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We need to adjust our economic structure, achieve development of better quality, build closer economic partnership, boost the building of an open world economy and establish a global development partnership
Tuesday, April 16, 2024
Is Part of the World De-Dollarising?
Something is wrong with the dollar. The US currency has been in a downward phase for months, depreciating against other world currencies. There are those who foresee a change of cycle, although other analysts are more cautious and continue to vindicate the dollar's reign
As the global stage prepares to witness the inaugural BRICS Simulation Conference, set against the backdrop of Cape Town, anticipation is rife among the 200-strong international delegation
China is seeking to support local currency swaps with 29 developing countries worth a total of 4 trillion yuan, roughly equivalent to $553.49 billion
Under Russia's presidency in 2024, BRICS and together with its five new members, is being discussed, beyond measure, most often focusing on its expansion and as a mechanism for uplifting the Global South
After the landmark 15th BRICS Summit in August 2023, foreign policy analysts raised concerns that BRICS — a grouping of Brazil, Russia, India, China, and South Africa at the time — may be seeking to construct an alternate world order and upend Western-led global governance
In a revealing update from Russia’s central bank, it’s become clear that amidst ongoing international tensions, the Chinese yuan is emerging as a crucial asset for Russia’s reserve holdings. According to a Bloomberg News article, the Russian financial authority has expressed a lack of viable alternatives to the yuan following the economic repercussions of the Kremlin’s actions in Ukraine and subsequent international sanctions
The Russian economy gradually became highly dependent on energy exports to sustain its basic operations. Existing studies show that income from natural gas and crude oil exports alone consistently accounts for about 50% of Russia’s fiscal revenue, with the GDP share roughly maintaining around 25% annually. The importance of energy exports is self-evident