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China is determined to dump the US dollar in global trade and is convincing other countries to follow suit. The Communist country is on a world tour, trying to upend trade rules and rewrite policies without incorporating the USD. The Xi Jinping administration has signed many deals in two years where the Chinese yuan plays a central role in cross-border transactions. The intent is to dim the lights on the greenback and make the yuan the sole currency among developing countries. Has China really succeeded in making emerging economies dump the US dollar and use the Chinese yuan? In this article, we will provide the data where the USD has failed and where the yuan has succeeded. The balanced approach will shed light on which currency is growing and which is stalling in the global financial markets. The world economy is at a pivotal point where developing countries are eager for a change and want to hold the torch of the next generation of finance. Also Read: US Dollar Value Falls as More N...

BRICS member China officially rolled out a plan to promote its own payment system to replace SWIFT. The Communist country aims to reduce US dollar dependency to confront Washington’s aggressive stance on trade and tariffs. The new plan was jointly released by the Shanghai municipal government and the People’s Bank of China, the country’s central bank. Also Read: BRICS: India Plays ‘Double Game’ With the US Dollar? The new payment system from BRICS member China will incorporate the Chinese yuan through the Cross-Border Interbank Payment System (CIPS). China wants to leverage its dominance in the manufacturing and trade sector and push the Chinese yuan for settlements. Also Read: Illinois Analyst Predicts If BRICS Currency Can Replace the US Dollar BRICS: China Will Take on SWIFT Through CIPS Payment System Source: silkroadbriefing.com The BRICS country China revealed that it will “enhance the functionality” of CIPS and challenge the Western-dominated SWIFT payment system. “...

In what is a major development for the company, Ford has announced that it is halting shipments of certain vehicles to China amid a brewing trade war with the US. Indeed, the automaker is suspending shipments of its F-150 and other models to the country as tensions between both nations rise. The arrival of the United States’ Liberation Day tariff plan has seen concerns of a trade war persist in recent weeks. Moreover, Ford’s decision to cease its shipments came just a day after the company issued a memo warning that it would consider raising prices if both nations’ import duty increases remained. JUST IN: Ford suspends shipments of F-150 trucks and other cars to China. pic.twitter.com/WvZcasq6xZ — Watcher.Guru (@WatcherGuru) April 18, 2025 Also Read: China Imports Record Amounts of Canadian Oil, Cuts US Purchases Ford Halting Shipments of F-150s, Other Vehicles to China Amid Retaliatory Tariffs In recent weeks, tension between the United States and China has reached a...

Despite its stance against crypto, China still controls 55% of the Bitcoin mining network even though it has a ban on the asset. Indeed, the country is a key player in BTC mining despite the restriction that was imposed on the asset class more than three years ago. The country maintains control over more than half of the entire global network, according to CryptoQuant CEO Ki Young Ju. In a post to X (formerly Twitter), he discussed the dominance of the industry shifting from the United States. Moreover, he discusses how it has transferred to the Eastern Asian nation. Source: newsbtc.com Also Read: Trump Says US Will be Bitcoin Mining Hub If He’s Re-Elected China Controls 55% of Bitcoin Hashrate Despite Ban as US Lags Behind Amid his bid for reelection in 2024, former President Donald Trump has placed a spotlight on crypto. Specifically, he has consistently expressed his desire for the United States to remain the top player in the developing asset class. Although those hopes are possibl...

BRICS member China has begun rejecting about 80% of all payments made in the Russian ruble, reported media outlet Kommersant. Chinese banks have now started to delay accepting Russian rubles for several weeks before ultimately rejecting them. The Russian state-run media outlet confirmed the development citing various sources and officials on the condition of anonymity. Also Read: 2 BRICS Countries Advancing Towards Launching New Currency The rejection comes on the heels of several successful trade deals between China and Russia since 2021. The trade between the two BRICS members soared 121% in three years making the Chinese yuan and Russian ruble the center of all transactions. BRICS: No Entry For the Russian Ruble in Chinese Banks Source: AtlanticCouncil.org Chinese banks are rejecting the Russian ruble as the US unveiled a new wave of sanctions. The US sanctions target several Russian financial institutions, including leading businesses, multinational corporations, and high-net-worth...

China is on track with its central bank digital currency trial as final stages are ‘not very far away,’ says ex-PBoC governor . China is approaching the end of its multi-year digital yuan pilot as the “final stage is not very far away,” said Zhou Xiaochuan, who ruled the People’s Bank of China (PBoC) for 16 years up to 2018. According to a report from the South China Morning Post, the former Governor of PBoC noted in his speech at a conference in Hong Kong that the country has already digitized up to 90% of retail payments. Xiaochuan also addressed the international use of central bank digital currencies (CBDCs), saying cross-border payments are a “big business opportunity for many central bankers to consider and to explore.” In addition to international payments, there are also cases where CBDCs could be used for assets tokenization through smart contracts, Xiaochuan said without elaborating on the matter. You might also like: Sta...

Even if approved by Nov. 17, the spot Bitcoin ETFs are unlikely to come to market for at least a month after approval. The United States Securities and Exchange Commission (SEC) could approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications by Nov. 17. Beginning on Nov. 9, the SEC reportedly has a “window” to approve all 12 spot Bitcoin ETF filings, including Grayscale Investments conversion of its Grayscale Bitcoin Trust product. However, even if the SEC approve s spot Bitcoin (BTC) ETFs by Nov. 17, it could be more than a month before the products launch. The expected delay in launch following SEC approval would be due to the two-step process of launching an ETF. For an issuer to start a Bitcoin ETF, it must get approval from the SEC’s Trading and Markets division on its 19b-4 filing and its Corporate Finance division on the S-1 filing or prospectus. Of the 12 Bitcoin ETF applications, nine issuers have submitted revised prospectuses showing they have communicat...

Multichain will be shutting down services as a result of the CEO “being taken away by the police” and the issues the team has faced afterwards. Multichain unable to access funds Multichain, a cross-chain protocol formerly known as Anyswap, took to Twitter on July 14 to reveal a rundown which began with the arrest of CEO Zhaojun by Chinese authorities on May 21, stating that the company has been unable to communicate with Zhaojun since his arrest.  1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had… — Multichain (Previously Anyswap) (@MultichainOrg) July 14, 2023 Information given by Zhaojun’s family revealed that authorities confiscated the CEO’s phones, computers, mnemonic phrases and hardware wallets. The seizure, mea...

The Multichain team said that the team’s funds and access to servers are currently with their CEO Zhaojun who is under Chinese police custody. Cross-chain router protocol Multichain has announced that it is "forced to cease operations " because of the lack of operational funds . The announcement follows a report from blockchain analytics firm Chainalysis saying that withdrawals appear to be a “rug pull” by insiders.  On July 14, Multichain’s official Twitter account announced that it will be finally halting its operations . The team said that a “lack of alternative sources of information and corresponding operational funds ” has forced them to shut down their business activities. 1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had… — Multichain (Previ...

The CEO of Independent Reserve says Hong Kong's "friendly" licensing regime makes it a worthy destination to set up shop, but there are other factors to consider. Australia-based crypto exchange Independent Reserve is looking at opportunities to set up shop in Hong Kong, as the city continues efforts to become a cryptocurrency hub.  Set to take effect in June, the Hong Kong Securities and Futures Commission (SFC) released a proposed licensing regime for cryptocurrency exchanges on Feb. 20 in line with its ambitions to become Asia’s next crypto hub. Independent Reserve co-founder and CEO, Adrian Przelozny told Cointelegraph the “friendly” licensing regime makes Hong Kong a worthy destination to set up a new base, something his firm is now strongly considering. “Right now it is looking very interesting [...] The recent announcement by the regulators in Hong Kong does make Hong Kong look like a friendly jurisdiction.” “We see Hong Kong as a good opportunity for Independent ...

Fanusie doesn’t believe the Chinese-led CBDC movement on the global stage will replace the U.S. dollar, but it may cause a series of geopolitical headaches. A cryptocurrency researcher and former CIA analyst believes the United States government’s relatively slow start on Central Bank Digital Currency (CBDC) development may result in it losing grip on controlling the global financial system. Yaya Fanusie, the policy head at the crypto advocacy group the Crypto Council for Innovation explained in a Feb. 28 Bloomberg interview that sanctioned states are looking to transact on financial infrastructure that isn’t controlled or heavily influenced by the U.S. in order to move funds more freely cross-borders. If the U.S. continues to sit on the “sidelines” and lag behind on CBDC adoption, Fanusie believes this may spell “trouble” and cause unforeseen “geopolitical implications” over time: Fanusie explained that state-issued CBDCs could be a part of this financial infrastructure that becomes...