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The currency narratives are now changing with the world order shifting towards embracing a diverse financial system. This system includes the rise of local currencies giving stiff competition to the dollar, and vice versa. At the same time, the aggressive US tariff regime continues to jolt world economies, with the Chinese yuan and US dollar taking maximum hits out of the lot. What’s up with both the currencies lately? Let’s find out. Also Read: This Asset May Outlive The US Dollar: Bitwise Strategy Head CNY Dips To An All-Time Low Source: Reuters . The Chinese Yuan has dipped massively due to the recent US tariff regime. President Donald Trump has levied 34% tariffs on China, which pushed the Chinese currency to fall dramatically against the US dollar. In response to this, Beijing is “ready to fight till the end” and has levied counter-tariffs, sparking rising trade war narratives and pushing the currencies further down. The US has once again responded to the current Chines...

Chinese exporters have stockpiled a record $500 billion in 2024 after settling trade payments with other countries. The local currency could rally hard if China’s exporters decide to convert the $500 billion stockpile into the Chinese yuan. This puts BRICS member China in the spotlight as it could dictate the direction of the forex markets pushing the Chinese yuan ahead and challenging the US dollar. Also Read: BRICS Makes Huge Announcement On Expansion: New Country Will Join Soon The US dollar is at its weakest point this week as the DXY index dipped to a low of 100.80. Though the USD briefly recovered and climbed above the 101 mark, reclaiming its June high of 106.40 remains questionable. BRICS is looking to cause damage to the US dollar and push the Chinese yuan ahead for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If the Chinese yuan gains steam among developing countries, the US dollar will fa...

Russia is in a ridiculous situation where it wants to balance the act of de-dollarization while keeping its economy afloat. The Putin administration is keeping its leg in two different boats in an attempt to bring the US dollar down. The move is only causing harm to its native economy and its local currency, the Russian Ruble. The thirst to quench the de-dollarization agenda has left Russia with no other choice but to use the Chinese Yuan, which is dipping hard against the US dollar. Also Read: Affluent Americans Driving the US Economy in 2024 The Central Bank of Russia has few options left to keep as reserves other than the Chinese Yuan and gold. The narrowing down of its reserves will only affect its economy leading to the De-dollarization agenda going helter-skelter. Russia ’s Dependency on the Chinese yuan for reserves is risky as the currency is down 2.1% year-to-date in 2024 against the US dollar. In addition, even Russia...