Beijing's Attack Against the Almighty Dollar Continues

China and Brazil have abandoned dollar trade between their countries and have reached an agreement to trade their own currencies.

The leaders of the BRICS group, including Russia, China and India, plan to discuss the issue of creating a common currency at the summit in South Africa.

 The initiative was supported by Brazilian President Luiz Inacio Lula da Silva, who also called for the creation of an alternative to the dollar in South America.

 Russian Foreign Minister Sergei Lavrov stressed that such a step is necessary in order not to rely on the mechanisms that are in the hands of those who can deceive and refuse their obligations.

Perhaps the new currency will begin with the letter "P", like the ruble. Creating their own currency will allow the BRICS group and other countries not to depend on the dollar and have greater financial independence.


Over the last 2 weeks:

  •  1. Saudi Arabia is considering accepting Chinese yuan for oil sales
  •  2. China and France completed the first CNY LNG trade.
  •  3. Russia is considering using the Chinese yuan as a reserve currency
  •  4. Saudi Arabia is partnering with China to build a CNY83,7 billion ($12,2 billion) oil refinery.
  •  5. China and Brazil agreed to use the Chinese yuan in cross-border transactions.

The share of world reserves in US dollars has decreased from 72% in 1999 to 59% today.

Blog and articles