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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...

Russia n diplomat Roman Babushkin confirmed that BRICS is developing a new payment system to end reliance on the U.S. dollar. The new payment mechanism will use local currencies for cross-border transactions and mutual settlements among BRICS members. The development aligns with the changing global dynamics and fosters the growth of the BRICS member’s respective local currencies. Also Read: BRICS: U.S. Dollar Dominance May Be Coming to an End Babushkin also refuted Brazilian President Lula de Silva’s comments about forming a new BRICS currency to challenge the U.S. dollar. The Russian diplomat admitted that creating a new currency comes with a lot of complexities, and the bloc is not prepared for the drastic development. The formation of the BRICS currency is challenging as it involves intricacies and is difficult to translate into reality. “A BRICS payment instrument based on the currency basket would help to carry out mutual settlements without any relia...

The BRICS alliance is receiving interest from developing countries who aim to join the bloc and accept the new currency. A total of 20 countries are now looking to join BRICS to dethrone the U.S. dollar’s global reserve status. The expansion of BRICS to BRICS+ will be decided in the next summit in Cape Town, South Africa in August. If more countries join BRICS and accept the new currency, the U.S. dollar will have fewer paths to fund its deficit. Also Read: After BRICS , 10 ASEAN Countries Ditch The U.S. Dollar Therefore, BRICS+ is dangerous to the U.S. dollar, as the yet-to-be-released currency could send it on a path of decline. The development might wreak havoc on the American economy and hamper a handful of financial sectors. Read here to know which industries will be impacted if more countries join BRICS and trade with the new currency. “Thirteen countries have formally asked to join and another six have asked informally. We are getting applications to join every day...