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In a breakthrough shift in the financial sector, the BRICS alliance has paved the way for other countries and leading business institutions to look beyond US dollar-based Treasuries and bonds and buy other Asian-based financial assets. Kazakhstan, which participates in BRICS Outreach formats, has allowed its state-run oil and gas company KazMunayGas to eye Chinese yuan bonds, leaving aside the US dollar-based bonds and Treasuries for the first time. The Chinese yuan bonds are cheaper debt compared to the US-denominated financial assets such as Treasuries and bonds. KazMunayGas is also exploring opportunities to issue debt in Arab countries and buy their bonds in a first-of-a-kind development. The credit for this new shift goes to the BRICS bloc as they’re convincing firms that there are more options to explore such as the Chinese yuan than just buying US dollar-based assets. Also Read: BRICS vs G7: Who Is Richer in 2025? BRICS: Kazakhstan’s Oil & Gas Firm Eyes Chinese Yuan B...

The ASEAN alliance is now officially the biggest trading partner of China in Q1 of 2024. The latest data shows that ASEAN countries have settled trade worth 2.08 trillion Chinese yuan, which is equivalent to $300 billion in Q1 this year with China. That’s an increase of 8.5% year-to-year and accounting for 15.85% of China’s total foreign trade in 2024. Also Read: Russia Makes Major Announcement About BRICS Currency The bilateral trade between ASEAN and China is increasing making it the top trading partner. The European Union and the U.S. come second and third, respectively. However, the EU’s trade with China decreased by 1.8% this year but trade with the U.S. surged by 1.1% in 2024. ASEAN is an alliance of 10 countries including Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The majority of these countries have close ties with China and use the Chinese yuan for trade settlements. Also Read: 2...

The US dollar is trampling all local currencies around the world this month in April 2024. The DXY index, which measures the performance of the US dollar shows it proudly hovering around the 105.96 mark. It had touched a day’s high of 106.07 before briefly retracing in price on Monday. Also Read: Chinese Yuan Officially Outperforms the USD Source: MarketWatch Local currencies are bearing the brunt of the rising US dollar despite threatening to uproot it from the global reserve status. A handful of developing countries are looking to cut ties with the USD and promote their respective local currencies for trade. However, the rising US dollar is dampening their dreams as local currencies are dipping in the charts against the USD. The development is making their import and export sectors suffer the consequences of a steep price rise. The threats to topple the US dollar as the world’s reserve is not playing out as local currencies remain on the losing side of the cha...