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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. “...

BRICS member China’s local currency, the Chinese yuan, has fallen into unchartered waters after Trump’s election victory early this month. The Chinese yuan has fallen to its 14-month low after Trump reclaimed the White House by defeating his Democratic rival Kamala Harris. Local currencies are now under pressure as the DXY index, which tracks the performance of the US dollar soared to 107 on Thursday. Also Read: BRICS: De-Dollarization Is Unstoppable The US dollar spiked 0.51 points on Thursday surging by 0.48% in the day’s trade. The strengthening of the US dollar is making local currencies dip to new yearly lows. A resurgence from here could be tough as the broader US market remains in the bullish phase filled with optimism. Therefore, the local currencies of BRICS nations like the Chinese yuan are under pressure after Trump’s victory. Also Read: BRICS: 28% of Trade Settled in Cryptocurrencies: Deutsche Bank BRICS: Trump Looks to Trounce the Chinese Yuan Source...

In what is another example of de-dollarization pursued by the BRICS nations, Bangladesh pays a nuclear plant loan to Russia in the Chinese yuan. Moreover, the country is set to pay approximately $318 million worth of yuan for a loan payment.  Western sanctions imposed on Russia made it impossible for Bangladesh to execute the payment in dollars. Conversely, the development follows a previous statement from US Treasury Secretary Janet Yellen on sanctions potentially hurting the US dollar. Source: Coinpedia.com De-Dollarization on Display in New Bangladesh-Russia Deal The past few weeks have seen a stark uptick in the BRICS nations desire to decrease their reliance on the US dollar. Now, an example of that process has taken shape, as Bangladesh has paid a nuclear plant loan to Russia in the Chinese yuan. According to a report from Business Insider, the story is among the most prominent examples of de-dollarization. Specifically, Bangladesh agreed to pay Russia around ...