BRICS: China Exporters Stockpile $500 Billion, Chinese Yuan Could Rise
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...