BRIC Currency is not on table

[congo9]

Who is the No.1 leader for this BRIC ? Xi always wanted to be No.1 and wanted BRIC to go head-to-head with G7.
But those with a clear head should know that this is not going to happen clearly.
But India also wanted to do business, he to dislike China to be No.1.
China is clearly muddle headed, and a coup should happen in near future and Xi will be beaten down, and a new china will present by itself.

 

[JohnTan]

BRICS Currency Was Never On Table, South African Finance Chief Says​

Gift this article




BRICS Invite Saudi, Iran, 4 Other Nations to Join Bloc


Suggestions that the BRICS group of emerging market powers establish their own currency to reduce their reliance on the dollar aren’t under serious consideration and never have been, South Africa’s finance minister said.

“No one has tabled the issue of a BRICS currency, not even in informal meetings,” Enoch Godongwana said in an interview on the sidelines of the bloc’s annual summit in Johannesburg on Thursday. “Setting up a common currency presupposes setting up a central bank, and that presupposes loosing independence on monetary policies, and I don’t think any country is ready

There's already a BRICS currency. It's called US dollar.

 

[k1976]

There's already a BRICS currency. It's called US dollar.

Many sexpert say USD is like toilet paper, SGD is world best safe Haven lai De woh

 

[JohnTan]

Many sexpert say USD is like toilet paper, SGD is world best safe Haven lai De woh

The world has much less toilet paper these few years. Interest rates still rising.

 

[k1976]

Bloomberg
Tl

OpinionColumnist
The Dollar Is the Fortress China Struggles to Breach

Contrary to predictions of its weakening status, the greenback remains a linchpin of global trade. Welcome to the ‘Imperial Circle.’


Dollar reigns supreme.
Dollar reigns supreme.Photographer: Paul Yeung/Bloomberg
By Daniel Moss
August 25, 2023 at 5:00 AM GMT+8


If this is what a bad year for the dollar looks like, I'll take it. Widespread predictions of a significant retreat after a bumper 2022 haven't come to pass. The greenback is still the place to be. Not just in good times, but when the rest of the world looks less than enticing. No mere currency, it sometimes resembles a medieval fortress, complete with a moat.

The epic rally last year was always going to be tough to repeat. So it's not too shabby that the dollar is pretty much where it traded on Dec. 31, according to the Bloomberg Dollar Spot Index. This is a product of several forces: The Federal Reserve has laughed interest-rate cuts out of the room, China's rebound has fizzled, and Japan can't decide whether it wants to unwind ultra-loose money or not. The euro area is struggling.

 

[k1976]

https://www.cfr.org/backgrounder/dollar-worlds-reserve-currency


Summary
The dollar has been the world’s principal reserve currency since the end of World War II and is the most widely used currency for international trade.

High global demand for dollars allows the United States to borrow money at a lower cost and use currency as a tool of diplomacy, but that comes with drawbacks.

Extensive U.S. sanctions have driven some countries to transact in other currencies, raising fears of “de-dollarization.”

 

[k1976]

Turkey Asks Banks to Limit Non-Urgent Dollar Sales to Firms

Dollar demand has jumped as FX-protected lira accounts mature

Traders brace for lira volatility ahead of May 14 election


Kerim Karakaya
May 2, 2023 at 8:02 PM GMT+8
Updated on May 2, 2023 at 11:17 PM GMT+8
Sign up for our Middle East newsletter and follow us @middleeast for news on the region.

Turkey’s central bank asked lenders to limit dollar sales to companies that don’t have urgent payments and to prioritize meeting demand from special government-backed lira deposits, according to people with direct knowledge of the matter.

 

[k1976]

https://in.investing.com/analysis/s...-on-us-dollar-run-industrial-demand-200595319


Because of the industrial demand component, silver thrives in a sound economic environment. Gold , meanwhile, behaves completely the opposite as a safe haven against economic troubles.

And because steady or good industrial demand will also be reflected in the strength of the dollar, the silver rally’s sustenance might be predicated on the greenback staying firm as well.

The Dollar Index , or DX, which pits the U.S. currency against six majors, hit a two-month high of 103.625 in Tuesday’s session.

That could remain a near-term inflection point for the dollar ahead of Friday’s speech by Federal Reserve Chair Jerome Powell at the central bank’s annual policy event in Jackson Hole , Wyoming that sets interest rate expectations for the rest of the year.

Powell’s speech comes after last week’s minutes of the central bank’s July meeting showed that most policymakers are still concerned about upside risks to inflation, indicating that further rate hikes cannot be ruled out.

For now, though, traders on the money market see an 89% chance of the Fed holding rates at current levels at its September meeting, according to Investing.com's fed rate monitor tool .

 

[k1976]

https://www.kitco.com/news/2023-04-06/Texas-moves-to-create-gold-backed-digital-currency.html

And as a way to reassure investors in the fund who are worried about issues like bail-ins, the bill explicitly states that “Money received from the purchase of the digital currency, gold purchased and held under this chapter, and money received from the sale of gold in response to a request for redemption is not available for legislative appropriation.”

All fees generated from the management of the fund will be deposited in an account established in the general revenue fund to help pay the costs.

Both bills end with a line saying, “This ACT takes effect September 1, 2023.” At the time of writing, neither bill had been assigned to a committee. In order to become official law, they must first get a committee hearing, pass by a majority vote, and then be approved in a full vote by the state Senate and House.

 

[k1976]

https://www.congress.gov/bill/118th-congress/house-bill/2435

2031 Gold Restoration Act.... 96moons away

 

[k1976]

 

[k1976]

https://legiscan.com/TX/text/HB4903/id/2803474

 

[k1976]

https://austincountynewsonline.com/...te-gold-and-silver-backed-digital-currencies/


On May 2, a Texas House committee passed a bill that would create 100% reserve gold and silver-backed transactional currencies. This legislation, if enacted, would provide an option for individuals to conduct business in sound money and could create a viable alternative to a central bank digital currency (CBDC) while undermining the Federal Reserve’s monopoly on money.

HB4903, introduced by Rep. Mark Dorazio (R), would require the state comptroller to establish and provide for the issuance of gold and silver specie and establish digital currencies that are 100% backed by gold and silver. These digital currencies would also be 100% redeemable in cash, gold, or silver.

The comptroller would be required to authorize the Texas Bullion Depository as the issuer of gold and silver specie and ensure that holders may use the specie as legal tender to pay off debts or readily transfer the specie to another person. Physical gold and silver would be stored in a pooled account at the Texas State Bullion Depository to back the digital currency.

In practice, individuals would be able to purchase transactional currency representing the smallest fractions of physical gold or silver, which could be used to purchase gold or silver held in the already-open Texas Bullion Depository. Individuals would also be able to redeem their transactional currency for dollars, gold, or silver on demand.

This legislation is one of several bills introduced in the Texas legislature this year to promote sound money. It would create currency competition with Federal Reserve notes and provide a sound money-backed competitor if the Federal Reserve implements a CBDC.

 

[eatshitndie]

ccp can ask central bank of prc to shore up cny by selling usd denominated bonds and bills as much as they can but this move is thwarted by market demand within prc’s underground sexchanges to sell cny and buy usd, including ccp banks which follow orders overtly but disobey covertly. ccp can’t seem to keep the sexchange rate below 6.9 for over a year since zero covid policy is reversed. it’s now still trading at 7.29 to usd. lol!

 

[Devil Within]

Then the counterparty they bought it off converted the Rupees back into USD via the Forward Rate Agreement they bought at the same time the Rupee for Oil agreement was negotiated. If you think the counterparties here are holding all these dog shit currencies after they sell the oil you're an idiot. They're coverting back into USD immediately but only publicising one side of the trade in order to push BRICS propaganda. It's so transparently fricken obvious.

 

[congo9]

If China really wanted to be No.1 financially and economically. 1st thing they should do is to make CNY more accessible and it could be freely traded internationally. This will make them much more credible and a force to be reckon with.

In the market, it's trust that matter. It's the faith that people has for your country's currency. You only make your trading partner use their own currency within the BRIC bloc. At the end of the day, all commodities are being priced in USD. Somehow they got to have a guide mark on how much to pay for commodity.

 

[eatshitndie]

even if gold is being leveraged as a global currency it’s no use as it fluctuates depending on strength of usd. gold now drops to usd$1900 per ounce as it’s losing to 10-yr treasuries denominated in usd.
https://www.cnbc.com/2023/09/26/gold-lacklustre-as-investors-await-more-data-for-fed-rate-clues.html

 

[eatshitndie]

If China really wanted to be No.1 financially and economically. 1st thing they should do is to make CNY more accessible and it could be freely traded internationally. This will make them much more credible and a force to be reckon with.

In the market, it's trust that matter. It's the faith that people has for your country's currency. You only make your trading partner use their own currency within the BRIC bloc. At the end of the day, all commodities are being priced in USD. Somehow they got to have a guide mark on how much to pay for commodity.

even price of gold is dependent on usd.

 

[ChinaCommunistSG]

China don’t even have money to pay salary for its police men

 

[congo9]

What is the fuck use of Bric when these 3rd World Nation needed the 1st World nation to open up for them. All the poor huddling together to make themselves feel warm and good ?

With China at helm, these poor nation will be in for a rough ride.