BRICS: US Dollar Reserves Fall 6.5% But Local Currencies Rise 3.65%

The Central Banks of BRICS countries have been offloading US dollars through the year to protect their respective local currencies. BRICS countries such as China, India, and Russia, among others, dumped US dollars to keep their local currencies from falling. The US dollar is slowly finding its way out of Central Banks from around the world, including that of BRICS nations. The year 2023 has relatively been bad for the US dollar as BRICS and other developing countries are looking to uproot it from the world’s reserve currency.

Also Read: BRICS: China Aggressively Dumps US Dollars For 3 Days Straight

BRICS: US Dollar Reserves Dip By 6.5%, Local Currencies Experience a Rise

US Dollar Chinese Yuan Currency
Source: silkroadbriefing.com

It’s difficult times for the US dollar as Central Banks around the world are cutting ties with the currency. In 2023 alone, the US dollar reserves in various Central Banks fell by 6.48%. However, what comes as a surprise is that local currencies such as the Japanese Yen and the Chinese Yuan increased their share in Central Bank reserves.

Also Read: BRICS: 150 Countries To Pay Chinese Yuan, Not USD for Loan Repayment?

Source: carnegie endowment

While the US dollar dipped 6.48%, local currencies saw a spike of 3.65% this year in 2023. Recent data shows the Euro rose by 0.83%, the Japanese Yen spiked by 1.45%, and the Chinese Yuan jumped by 1.37%. In conclusion, the development indicates that the US dollar is on a decline, while BRICS currencies are on the rise.

Also Read: US Dollar First Casualty When Trade Between BRICS Countries Rise

Read here to know how many sectors in the US will be affected if BRICS stops using the USD. The move could wreak financial disaster in the homeland and lead to hyperinflation across all sectors in the US.

India aggressively sold US dollars in the foreign exchange markets to strengthen the Rupee in November this year. On the other hand, China halted firms that make bulk purchases in the US dollar and announced a rule that financial institutions can hold foreign currency deposits by a third only.

  • BRICS
  • US DOLLAR

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a...
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XA...
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, th...
Read more