Can the Renminibi Replace the Dollar (USD) as the World's Reserve Currency? – Bloomberg
Can the Renminibi Replace the Dollar (USD) as the World’s Reserve Currency? Bloomberg Source link
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Rupee is a long way from replacing the dollar
The end of dollar supremacy is not a far-fetched dream. As regional integrations grow stronger and discussions of using alternative regional currencies for settlements gain traction, the dominance of the dollar will gradually diminish and eventually be replaced. However, this transition will not occur in the immediate future, contrary to what some may want us … Read more
Brazil’s Lula Backs BRICS Currency to Replace US Dollar in Foreign Trade
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
ZWL USD: US Dollars Dethrone Zimbabwe Currency for Second Time
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 (CNY) Replaces Dollar (USD) as Most Traded Currency in Russia
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
IQD/USD: Iraq Revalues Dinar Currency Weeks After Replacing Central Bank’s Head
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
Will Crypto Replace National Currencies?
The infamous three letters FTX will be removed from the arena that serves as home to the Miami Heat basketball team and as a popular venue for musical events. The collapse of the cryptocurrency exchange has impacted many other organizations as well, such as ProPublica, the non-profit investigative news outlet, that received a $1.6 million … Read more
NGN/USD: Nigeria Naira High-Value Banknotes to Be Replaced to Curb Hoarding
Nigeria’s central bank said it’s move to replace high-value currency notes will help prevent hoarding and stymie illegal activity and kidnappings in Africa’s largest economy. The country’s banking regulator plans to issue redesigned 200-, 500- and 1,000-naira notes from mid-December, Central Bank Governor Godwin Emefiele said at a briefing in Abuja, the capital, on Wednesday. … Read more
Will Bitcoin Replace Dollars? Unlikely, Fed’s Michael Barr Says
The top US bank regulator says that crypto tokens are unlikely to replace traditional currency and that banks should proceed cautiously when they experiment with the asset class. “Because crypto assets have proved to be so volatile, they are unlikely to grow into money substitutes and become a viable means to pay for transactions,” Federal … Read more
Why the Euro Won’t Replace the Dollar
Europe has a dream that the euro will overtake the U.S. dollar as the world’s reserve currency. It’s an old dream, but it’s based on a misconception. In his last State of the Union speech as president of the European Commission, Jean-Claude Juncker pledged “to strengthen the international role of the euro.” Yet the dollar’s … Read more