Topic: Russia and others, move to use Yuan instead of dollar. - page 10. (Read 1638 times)

America was tested with a big challenge in Russia and China openly stated that in front of all the international media. So what are the actions of the superpowers today, both Russia and China really underestimate. The use of the Yuan for transactions clearly provokes a reaction whether Biden has the power to compete in global markets amidst throwing dirt from his enemies. I think this is proof that what Putin is doing with China is nothing but wanting to bring down the existence of the US dollar. All we need to do is watch, and nothing more, as the global economy begins to march aggressively behind the facade of the Soviet Union.

Another major blow to the US Dollar. The US sanctioned so many countries, now these countries are making their own deals between themselves and they are practically sanctioning the US back. The US Dollar is still the best currency out there but these countries aren't dumping the USD because they really want to, they have simply no other choice. They just can't make money and survive anymore if they bow down to the US.

Iran has lots of oil and the world needs oil. Russia has lots of gas and the world needs gas. What do you think these countries gonna do? Stop selling their commodities and starve to death just because some other country wanted that?

In this picture China has all the leverage over USA. Not looking good for the USD.

While China's president visiting Russia recently did show that China's willing to get closer to Russia, and China and Russia do sort of have a common rival in the USA, I don't think China will get particularly close with Russia. One thing is that Russia wants to store tactical nuclear weapons in Belarus, and China is explicitly against it. Also, I think China's playing an intermediary here, posing itself as a potential third party that may help Russia and Ukraine come to an agreement. To be an intermediary, you can't get close to either side, so partnering with Russia isn't going to roll. Moreover, China and the West have a difficult relationship, but it's one of mutual dependence. China is a manufacturer, but Western countries are the buyers of its products, at least a major part of its market. So it's not fully an enemy of the USA and isn't likely to step over some boundaries. Russia, meanwhile, probably likes its own fiat currency which is fairly strong, especially considering the heavy sanctions and a difficult economic situation caused by Russia's war against Ukraine.
So I'm not sure that they can all agree to move toward Yuan, to be honest, as there's a lot at play.

The United States, on the contrary, benefits - now there is no need to do business with a bunch of dubious countries and regimes. Give China a dollar - and it will do what it needs to, for one feel like it's in the place of the "second pole of the bipolar world"
Moreover, do not forget the most important thing - the Chinese economy is 80% dependent on exports to Western countries, and the United States is the largest buyer. Plus - China is completely dependent on US technology. Now he will sell to his "court" countries the "leftovers from his table", and they, being deprived of the dollar in reserves, will not be able to buy anything in the West themselves, but only through their "master" - CHINA! China is much more pragmatic, much more selfish, and has no "friends" - friendship with China comes down to China subordinating its friends.
I really feel sorry for the countries that will be globally cut off from the world economy....

You can clearly see how US feels threatened with every move of China and Russia. Even Tiktok is not spared

I like to see how this turns out five to ten years from now. US and its allies are in a race with the BRICS in strengthening their influence over Asian and African countries. I am not sure but it looks like Africa has been fed up with the economic pressure and the lack of support from their former colonizers in developing their country. They seem to prefer China's friendly approach. In the middle east, I think Russia is gaining ground also.

I see that the influence of the US and the dollar is gradually disappearing internationally. And I think it's a very good thing that alliances like the BRICS are showing their independence and growth, given the difficult economic situation and the barriers that the US has caused before.
I am not sure when economic competition will have to stop, but if it continues like this, it will bring other undesirable risks, possibly military war on a global scale.

The process of dedollarization has been gaining momentum already. This doesn't look good for the US. The influence and power of the US dollar in global affairs is waning. The sad thing is that the strongest competitor is a currency of the enemy, not from an ally country. It would have been less troubling if the competitor is the euro or the pound or the yen, but it isn't.

The Chinese yuan is a considerable threat. Its growth is fueled not just by its strength but even more by its desire to dethrone the USD. Just recently, the BRICS alliance (Brazil, Russia, India, China, South Africa) will also start to replace the USD with the Chinese yuan.

You probably read about the last phrase of Xi Jinping after the meeting in Moscow? He said the following: "We live in a time when we are waiting for changes that have not been seen in the last 100 years."
some were very happy, deciding that China was taking the side of "the fighters against the US and the dollar." NO !
China openly declared a couple of months ago that the world was bipolar, the world remains bipolar. And these poles of the world... USA AND China! Yes, you heard right, it is the USA and China! There is no Russia at the second pole!
China, logically, took on the role of the second pole, after it became clear that Russia is an empty shell, of which so far, of all its greatness, is only nuclear weapons from the times of the USSR. Nothing else !
And of course, China, within the framework of imperial concepts, is now gathering its satellites. More precisely, their appendages (economic, resource, political). And in order for them to be TOTALLY manageable, one thing remains to be done - to "cut off" their connection with the world economy, where "the dollar rules the ball." And to sit down, like a drug dealer, only not on drugs, but on the economy of the satellites and on the Yuan. All ! Their economies are constantly reducing dollar receipts, their economies are based on the Yuan, which means they are completely dependent on China. For one thing, China will solve the problem of inflation and giant long. Yes - if you don't know - China's external debt is almost 1.5 times larger than the American one. And debt in dollars. At the same time, China continues to increase gold reserves in USD. And not hiding it much, but actively supporting our appendages in the case of "giving up the dollar"
Wisdom and cunning are a feature of China!

In Russia there is not and never was a thousand-year history. She has now attacked Ukraine, among other things, because the Russian Federation wants to seize and, by forcibly annexing the territory of Ukraine, appropriate for itself the right to calculate its history with the appearance of Kievan Rus in the 9th century with its center in Kiev.
Even towards the end of the fifteenth century there was no Russian state and Russian people, but there was the Suzdal land - the land of Moksel, and later the Moscow principality, which was part of the Golden Horde - the state of the Genghisides. From the end of the thirteenth to the beginning of the eighteenth century. the people of this land were called Muscovites.
Prince Daniel, who was born in 1261, became the first appanage prince of Moscow approximately in 1277. This year can be considered the date of the formation of Muscovy, which is now called Russia. In 1319, Ivan, the fourth son of Daniel, later nicknamed Kalita, became the new Moscow prince. From that moment, Muscovy began to "grow in breadth", since then it has become famous. This is how Moscow and the Moscow principality appeared. Therefore, the history of present-day Russia does not reach the millennium.

Nothing can be done if we still live in developing countries where still living aid from other (big) countries you were mentioned.
I am support and prefer them to continue a war like this when compared with a real war like Ukraine, because The economic war is not too affected in physical when compared face to face war., we still have house and do not flee to neighboring countries.

China and Russia think Dollar become a great hegemony to rule the world and print dollar at will without anything backed (gold), and because of that, they try to against that paper.

It is true that if China and other allied countries limit themselves to movements like this it will take a lot of time for them to rival the hegemony of the US dollar, but we need to wonder why do they feel the need to do this now? And I think they can see the weakness of the US dollar and the US in general, it seems they believe this is the golden opportunity they have been waiting for to give a strong blow to the US dollar, now whether or not they will be successful is anyone’s guess, but it seems they are preparing themselves for an open economic clash with the US and the west.

I think that this has been said many years ago and it has now come into reality.

The dominance of US dollar in the world's economy is going to be lessen by this. But let's see on how the USA will do things on their own just to make this alliance to be not impactful as it may be for their markets. Looking at it, these countries that will form this is up to something and it may not yet be threatening to the US but I guess the obvious is being seen on how aggressive they are with their moves.

If ever that Dollar would be losing up that use case in between those known countries specially Russia and been hearing off that other western would be doing the the same which would be focusing to tie up
or making use of Yuan then it would be a sure hit and devastation to dollar but of course until it wasnt finalized then everything would really be still remain as a rumor. This is the first time in history
if ever USD would really be having that kind of situation because it wont really be that shocking that any country would really be following on what these big superpower countries
that been doing.

The move by these nations especially Russia, China, and Iran is 50% political and 50% economic. Russia and China are doing everything possible to gain more global political influence. That is why they are extending their hands of partnership to many nations and even offering loans and grants to developing nations all in a bid to gain more allies.

Russia was kicked out of SWIFT because of the invasion of Ukraine and China has been promoting the Yaun. China now sees this time as an opportunity to deepen its financial partnership with Russia which is desperately seeking alternative global payment systems.

Saudi Arabia is China's biggest trading partner in the Middle East and this nation is not pleased with the lack of attention it is receiving from Washington. The Kingdom is just playing its political-economic cards. I think Riyadh is just trying to show Washington that the nation has other options. Switching to the Yaun will benefit both trading partners because China is also willing to receive payments with Saudi Riyal.

For now, the dollar has no competition because it is the leading global currency. It will take many decades if not a century for China and its supporters to overtake the US dollar in the global market.

I'm just wondering what your claim is based on? China has five thousand years of continuous national self-identity behind its back (and a development strategy for three hundred years ahead), Russia also has at least a thousand-year history. Western civilization also has its own history, Europe has a larger one (and is more closely intertwined with the history of Russia), the United States has a very small one (albeit enough to give rise to the myth of American exceptionalism). Let's look at things more realistically, the dollar has not always been the world's reserve currency, and will not always be.

Russia have conflict with European countries and United State, seems they have planning for longer time move to use Yuan instead of using dollar, another good news from south asian or ASEAN zone try to use new payment system and move from dollar to other currency but still in progress not have final decision move from using dollar.

I don't know will bring positive or negative impact if many countries leave using dollar and move to other currencies kinds, however United State will not stop make war or anything else about how their currencies not adopted by many countries payment transaction. For Russia have planning last than one year after European countries suspend Russia due invasion war to Ukraine.

That's what makes everyone think about how to get away from the influence of the US dollar and pressure, we have to realize that America always gives sanctions to countries that don't obey what they say either economically or politically, if you think about it it's quite logical for China and its allies at this time which has enough power to fight the American economy, is the right strategy in this case to gradually reduce the influence of the dollar in countries that are already capable such as Russia and China, I do not like America's non-arbitrary towards other countries and their words like god's words to do, the current situation is also the right time for those who disobey.
Countries are quite successful if they treat the masters of the dollar well, but maybe that was before, today the dollar is no longer of interest because a transaction can be declared legally valid globally if the two countries conducting the transaction agree to it.

This isn’t about only Russia and China, I don’t think Russia is moving towards yen to make it an international currency because it will be absurd to move from one countries currency to another. Rather this are just moves taken to dampen US dominance beyond economical control probably it is has to do with politics. With the effect of US sanction on Russia many countries are seemingly wary of such future occurrences and are opening ways to other currencies to reduce the US dominance. Even Saudi Arabia has open up a way to sell their oil and gas in currencies outside dollars. Even African union has had a plan to create its on central currency to use to transact within Africa as this could strengthen local currencies against the dollar.

Nonetheless I don’t see the dollars losing much of its dominance just yet and this shouldn’t affect the country’s economy because it is not that US uses its Dollars as brokerage when every transaction takes to say that the lesser fee gotten from this brokerage will affect the economy.

Without the existence of a parallel alliance of G7 or G20, the moves taken by China or Russia will not succeed because they represent a partial link and not an integrated economic structure far from the dollar.

Countries will succeed if global economies are affected by the dollar or the US Federal Reserve does not take into account the problems of other countries when it takes financial decisions such as raising or fixing interest, but complete replacement will not happen until after a world war.

How will the local currency be priced if the United States imposes sanctions on those countries that lead to its depreciation?

We may have recently noticed an increase in the trend to reduce the use of the dollar, but this global trend had begun since the sixties of the last century and is the reason for the rise of the euro and the yuan. Recent global events have increased this trend, as Russia has become banned from using the dollar within the framework of the sanctions imposed on it. The economic war between China and America was also a direct cause.
On the other hand, we should not exaggerate too much, because some countries resorted to using the yuan because they complain of a lack of liquidity in dollars, in addition to the fact that the bulk of their reserves are in dollars, and they will not dare to exchange them for yuan in order to avoid a direct confrontation with America. According to World Bank reports, the Chinese yuan does not represent more than 12 percent of the global exchange volume.
So far, the dollar is not threatened, and I do not expect that the United States will remain a spectator if it feels that the status of the dollar is really in danger.