US Dollar Plummets As Global Market Shifts, Yuan & Gold Soars
The global markets are currently experiencing a tumultuous change. Rising geopolitical changes are giving birth to new economic changes. At the same time, the US dollar devaluation has peaked at its prime, with alternative currencies like the Chinese yuan gaining steady momentum in the space. Will the US dollar sustain such severe injuries to its prestige? Also Read: ASEAN: Steps To Ditch US Dollar Gains Momentum In South East Asia Chinese Yuan Surges To New Highs Source: Shutterstock According to the Financial Times, China’s use of the renminbi has recorded a new high in cross-border transactions. The renminbi is becoming an increasingly popular currency for cross-border transactions, with people opting for RMB to initiate global transactions. 90% of all trade between China and Russia is conducted in Ruble or Yuan after ditching the US Dollar. pic.twitter.com/kLuoGwMSL4 — BRICS News (@BRICSinfo) May 16, 2024 The usage of the Renminbi has found a new footing in Russia, as the re...