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The BRICS alliance is indulging in massive sell-off by offloading billions worth of US treasuries and stocks. China is on a US Treasury dumping spree as it looks to halt the rise of the US dollar against the Yuan. The Chinese government is defending the weakened Yuan by offloading billions worth of US treasuries and stocks from its reserves. BRICS member China dumped $21.2 billion in US treasuries and stocks in August, according to latest data released by the US Treasury Department on Wednesday. This is the highest that the Chinese government sold US government bonds in four years. Also Read: BRICS Is Now Richer Than G7 Countries The sell-off comes at a time when the Chinese Yuan fell to its 10-month low against the US dollar. Reports state that the Communist government initiated state-run banks to intervene in the currency markets on behalf of the Central Bank. The bulk of the offload came from state-run banks as they dumped US treasuries and equities worth $21.2 billion....

Malaysia is following in the footsteps of BRICS in a mission to uproot the hegemony of the US dollar. The Prime Minister of Malaysia Anwar Ibrahim confirmed on Tuesday that the country is advancing to eliminate the dependency on the US dollar for global trade. Ibrahim revealed that Malaysia is aggressively pursuing de-dollarization efforts and will be pushing their local currency Ringgit for global transactions. Also Read: BRICS to Completely Ditch the US Dollar in 3 Years The leader said that the country will start taking its first steps to end reliance on the US dollar. The PM acknowledged that the country cannot entirely stop transacting in the US dollar but will aggressively push the Ringgit forward. “To entirely stop the reliance on the US dollar will be difficult. But Malaysia will be more active and aggressive in the use of Ringgit ,” said the Prime Minister in the Parliament. Ibrahim explained that Malaysia has close trade agreements with Indonesia, T...

The BRICS alliance is advancing in its quest to dethrone the U.S. dollar currency from its global reserve status. A recent report from Goldman Sachs indicates that the U.S. GDP could drop to third place by 2075. Two BRICS countries China and India could have a bigger GDP than that of the U.S. and might take the first and second spot. Also Read: BRICS: The Beginning of the End for the US Dollar? According to Goldman Sachs, BRICS members China and India could overtake the U.S. GDP by 2075. The global investment bank predicts that India could overtake the U.S. GDP pushing it to the third spot in the next 50 years. Read here to know how BRICS plans to end the U.S. dollar’s supremacy by targeting America’s 10 financial sectors. Below is the break-up of the world’s biggest economies in 2075, predicted by the leading investment bank. China: $57 trillion India : $52.5 trillion United States: $51.5 trillion Also Read: US Economy Added $10 Trillion in Debt in...

Chinese fintech giant Ant Group is reportedly pulling out of the crypto market by selling its $100 million stake in A&T Capital, amid market turbulence and increasing focus on AI. A&T Capital was founded in April 2021 and has invested in various crypto firms including Matrixport and ConsenSys. The firm hit a significant snag several months ago when its founding partner Yu Jun resigned amid an investigation into his workplace conduct. With the departure of its major investor, Ant Group, it’s unclear whether A&T Capital will shut down or look for new funding. The move comes amid waning venture capital in crypto . VC funding hit a record low for crypto in June when it dropped by 23% from May, to just $520 million raised in 84 funding rounds, Bloomberg reports. Was FTX funded by Chinese capital flight? Read more: Opinion: Silicon Valley Bank and the hypocrisy of venture capitalists Meanwhile, Ant Group has decidedly shifted its attention to AI. It entered Chi...

Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market's resilience and end-of-week price gains amid uncertainty in stablecoins' reserves provides hope for bulls, it might be too soon to celebrate. Crypto regulatory conditions deteriorate The past few week have seen a bearish trend fueled by regulatory uncertainty. Last week, Bitcoin (BTC) and BNB saw 2.5% gains, but XRP dropped 5.2%, and Ether (ETH) traded down 0.7%. Total crypto market cap in USD, 1-day. Source: TradingView Notice that the 10 -week long pattern has tested the support level in multiple instances, signaling that bulls will have a hard time breaking from the bearish trend while regulatory conditions have worsened across the globe. For starters, New York-based derivatives exchange Bakkt is...