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China and Russia Challenge the US Dollar

Started by Epoch-Times-Bot, Oct 04, 2022, 02:45 PM

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Epoch-Times-Bot

Oct 04, 2022, 02:45 PM
China and Russia Challenge the US Dollar

Commentary
A strong U.S. dollar, rising inflation, and energy costs have provided China and Russia an opportunity to present alternative currencies to developing nations—but moves toward replacing the dollar are weak at best.
Since the Russian invasion of Ukraine, the Bangladeshi taka has lost 25 percent of its value against the dollar. The country is also facing 7 percent inflation and a dwindling stockpile of foreign currency reserves, which have dropped from $48 billion to $37 billion in just about a year. Dhaka is now considering establishing a taka-ruble swap as a way of importing cheap fuel oil from Russia.
In mid-September, Bangladesh Bank, the central bank, announced that it would allow dealer banks to settle trade with China in yuan. Authorized dealers will now be allowed to maintain yuan accounts with their correspondents and branches abroad. Since 2018, the authorized banks have been permitted to open foreign currency clearing accounts with Bangladesh Bank in yuan....

Source: China and Russia Challenge the US Dollar

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Aug 03, 2024, 01:15 AM
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