BRICS: 40 Countries Look To Ditch the US Dollar
BRICS member China is looking to convince 40 new countries to use the Chinese yuan for cross-border transactions and not the US dollar. The Communist country is aiming to capitalize on the growing de-dollarization trend and is pushing the Chinese yuan for trade. For the uninitiated, the usage of the Chinese yuan for trade settlements has surged 4.6% in 2024, compared to 2% in 2019. The currency usage has more than doubled in six years and is threatening the prospects of the US dollar. Also Read: Saudi Arabia Considering To Join BRICS Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If the US fails to import the dollar overseas, it would return to the homeland leading to inflation. Therefore, the USD needs to maintain its top position in the currency markets to sustain the American economy and keep prices lower. Also Read: Donald Trump Threatens 100% Tariff if BRICS Ditches the US Dollar BRICS: China Signing Agreements With 40 Countrie...