Comments by Brian Shilhavy
Editor, Health Impact News
News about the US dollar’s status as the world’s #1 currency continues to be negative, as it was just reported today that the yuan overtook the US dollar to become the most used currency in China’s cross-border transactions last month.
According to the figures, the yuan has become the most widely used currency in Beijing’s international settlements.
The yuan overtook the US dollar to become the most used currency in China’s cross-border transactions last month, Reuters reported on Wednesday, citing official data.
Cross-border payments and receipts in yuan rose from $434.5 billion in February to a record $549.9 billion in March, according to the outlet’s calculations, based on data from the State Administration of Foreign Exchange.
The Chinese currency was used in 48.4% of all cross-border transactions, reflecting a trend away from the dollar as well as Beijing’s efforts to promote the use of the yuan. The greenback’s share of China’s international settlements fell from 48.6% in February to 46.7% last month. (Full article.)
This follows another report last week that Russia is ditching the US dollar and euro entirely for energy exports.
Russia completely abandons the dollar and the euro in energy trade: the deputy prime minister
Russia is switching to national currencies in energy trade with foreign partners, Deputy Prime Minister Alexander Novak said in an interview on Russia-1 TV channel on Saturday.
According to the official, most transactions are already done in these currencies, mainly in Chinese yuan and Russian rubles, and in the future Moscow intends to completely abandon the euro and dollar in energy exports.
“The trends have changed a lot towards reducing the use of dollars and euros. Given the current problems with these currencies, in our settlements we are switching almost exclusively to national currencies,” he said, referring to the restrictions economic sanctions imposed on Russia by Western states due to the Ukraine conflict, which have effectively prevented Russia from carrying out. transactions in euros and dollars.
“Our partners in China already pay for gas in yuan, as well as partly for oil. They also pay in rubles. We will continue to improve these mutual agreements in national currencies,” Novak promised. (Source.)
China and Russia are not the only countries that are abandoning the US dollar.
It’s a time of ‘defunding the global police’, Jen says de-dollarization is happening at an ‘amazing’ pace
For the past few weeks, it seems like you can’t turn a page, blink a pixel, or hear a news story without some kind of dedollarization headline that calls out to you. From Brazil to Saudi Arabia, and from India to Argentina, and a growing number of nations are “reporting” away from the hegemony of the dollar.
Some recent headlines:
But beneath the surface, the dollar’s fecal matter is hitting rotating objects at an increasing rate, and Stephen Jen, famous for creating the “dollar smile” while at Morgan Stanley, who posits that the US dollar tends to do well when the economy picks up. or fall: The rate at which de-dollarization is occurring has recently been quantified.
Jen, who now manages money at Eurizon SLJ, warned of this in a recent briefing note the dollar is losing its reserve status at a faster rate than is generally accepted, as many analysts have not factored in the frenetic movements in exchange rates over the past year. (Full article.)
As US bank deposits resume outflows, how quickly will the US dollar collapse?
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Posted on April 27, 2023