As we await today’s Federal Reserve minutes, the mood on the set of Surveillance was decidedly wary. Coming back from the July 4 holiday, market participants are counting on gleaning insights from the discussions that resulted in the FOMC holding rates at their June 14 decision, after 10 consecutive moves higher. Source link
Can the Renminibi Replace the Dollar (USD) as the World’s Reserve Currency? Bloomberg Source link
Brazil’s Luiz Inacio Lula da Silva called on BRICS nations to come up with an alternative to replace the dollar in foreign trade, supporting China’s crusade against US global dominance just as he prepares to meet with President Xi Jinping in Beijing. Lula’s remarks were made on Thursday during a visit to the Shanghai-based New … Read more
The greenback has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time, almost four years after the re-introduction of the local unit. US dollars were utilized for 77% of transactions this year, surpassing the proportion that were conducted in the local currency for the first time since … Read more
China’s yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to … Read more
Iraq revalued its currency just over two weeks after replacingBloomberg Terminal the central bank governor as part of an effort to stabilize the foreign exchange market. The cabinet on Tuesday approved a decision to set the exchange rate at 1,300 dinars per US dollar, according to a tweet on Prime Minister Mohammed Shia Al-Sudani’s office … Read more
The world’s reserve currency may be about to go digital, potentially transforming the way Americans move and use their money. On Wednesday, the White House directed federal agencies from the Treasury to the Commerce Department to research a number of crypto-related topics, including the pros and cons of a digital dollar. For consumers, the move … Read more
The U.S. will likely move forward with its own digital currency, with issuance occurring between 2025 and 2030, according to Bank of America Corp. U.S. government-backed coins, also known as central bank digital currencies, or CBDCs, “are an inevitable evolution of today’s electronic currencies,” strategists Alkesh Shah and Andrew Moss, wrote in a report Monday. … Read more
China sought to allay fears it wants to topple the dollar as the world’s main reserve currency as Beijing makes bigger strides in creating its own digital yuan. People’s Bank of China Deputy Governor Li Bo said the goal for internationalizing its currency is not to replace the dollar, and the efforts to create a … Read more